FAMI Personal Finance for Southville

What's a gift you want to receive this Christmas?

How often do you get your allowance?

• Daily

• Weekly

• Monthly

• Everything is paid for me already

Answer explanation

If you get allowances weekly or monthly, you need to be wiser in handling allowance. It can also serve as a practice for you to start handling your own finances! Also, i's easier to save since you see the big picture.

Which ways can you save up from your regular allowance?

• Don't eat lunch and snacks

• Look for cheaper but healthier lunch and snacks

• Bring cooked lunch and snacks

• Ask for higher allowance

Answer explanation

It's important to eat when you're in school. Don't sacrifice your need for the wants.

Who manages your family's finances?

• Dad/Father

• Mommy/Mother

• Eldest brother/sister

• I have no idea

• An employee to the family e.g. Accountant, Household Manager

Answer explanation

If you know who manages your finances, you can ask how you can (1) save more from your allowance (2) learn more about personal finances

True of False: "Non-discretionary expenses" are the required bills to be paid monthly.

• True

• False

Match the following

• Dine-out, movie tickets

• Income

• Rent, Credit card, electricity, water bills

• Discretionary Expenses

• Salary, earnings from side hustles

• Non-Discretionary Expenses

How much emergency fund should your family have?

Rank from best to good

• 6 months worth of salary

• 1 month worth of salary

• 3 months worth of salary

Can you invest even without emergency funds?

• Of course, yes!

• No. It's not advisable.

Answer explanation

Ideally, your family should have an emergency fund before investing. This is so you leave your investments to grow and not take it out when an emergency happens.

What are the things you need to know before investing?

• What's my goal?

• How long am I willing to invest?

• How much is my extra cash for investment?

• At what rate should my investment grow?

• Am I a risk-taker, conservative or in-between?

You have extra cash you don't need in more than 1 year. Where can you put your money? Rank the best first.

• Time Deposit

• Money market Fund

• Savings

Answer explanation

While savings are easily accessible they don't give as much returns as compared to Money Market.