MoneyWeek2024

What is a need?

• Something that would be fun to have but you can live without

• A plan for managing your money

• Something you must have to survive

• Money you borrow from someone else

What is a budget?

• A place where you put money that you intend on saving for a while

• Money you borrow from someone else

• Something you must have to survive

• A plan for managing your money

What is the difference between a need and a want?

• A need is something you must have to survive, a want is something that would be fun to have but you can live without

• A need is something that would be fun to have but you can live without, a want is something you must have to survive

• A need is something you must have to survive, a want is money you borrow from someone else

• A need is a plan for managing your money, a want is a place where you put money that you intend on saving for a while

What is a savings account used for?

• For money that you are planning to save for a while and earn you interest

• To pay for bills and other immediate needs and wants that do not earn interest

• A plan for managing your money

• A place where you put money that you intend on saving for a while

What is a checking account used for?

• For money that you are planning to save for a while and earn you interest

• A plan for managing your money

• To pay for bills and other immediate needs and wants that do not earn interest

• A place where you put money that you intend on saving for a while

What is a credit card?

• A plan for managing your money

• A small hard plastic card that is issued by a credit card company or other financial institution

• A type of loan because using a credit card means you are borrowing money from the company who issued the card

• A place where you put money that you intend on saving for a while

What is a loan?

• Money you borrow from someone else that must be repaid

• A plan for managing your money

• A small hard plastic card that is issued by a credit card company or other financial institution

• A type of loan because using a credit card means you are borrowing money from the company who issued the card

What is saving?

• A plan for managing your money

• A type of loan because using a credit card means you are borrowing money from the company who issued the card

• When you borrow money from someone else that must be repaid

• When you set money aside for the future and do not spend it right away

What is interest on a loan?

• A small hard plastic card that is issued by a credit card company or other financial institution

• An extra charge for borrowing the money in the first place

• A type of loan because using a credit card means you are borrowing money from the company who issued the card

• A plan for managing your money

What is a debit card?

• A small hard plastic card that is issued by a credit card company or other financial institution

• A type of loan because using a credit card means you are borrowing money from the company who issued the card

• Linked directly to your bank account which means you use your debit card to pay for things with money you already have

• A plan for managing your money