YMS Personal Finance TEOC - 7th grade Ms. Hightower, Teacher

A budgeting technique where 50% of your paycheck is spent on needs, 30% on wants, and the last 20% on savings.

• Credit score

• Gross pay

• Bills

• 50/20/30 Rule

The amount of money you have in your bank account.

• Allowance

• Balance

• Coupons

• Expenses

An amount of money owed for goods or services.

• Credit

• Income

• Net pay

• Bills

Buying or selling something.

• Saving

• Transaction

• Promotion

• Receipt

Things you would like to have; they are not absolutely necessary, but they would be nice to have.

• Needs

• Features

• Wants

• Discount

An amount of money you take out of a bank account.

• Deposit

• Withdrawal

• Spending

• Tip

A way to pay back a loan over an extended period of time, generally making fixed monthly payments.

• Plan

• Repayment plan

• Interest

• APR

A type of bank account that allows a person to deposit and withdraw money.

• Mobile Wallet

• Loans

• Checking Account

• Interest

The amount of money you receive in your paycheck before any deductions or taxes are taken out.

• Gross pay

• Pay stub

• Pay Yourself First

• Coupons

A document that is given to a worker with each paycheck and that shows the amount of money earned and the amount that was removed from taxes.

• Bill

• Coupon

• Net pay

• Pay stub