Saving Money for the Future Everfi

What is the benefit of saving money?

• Being able to write a check

• Getting a discount on paying your bills

• Being able to prepare for emergencies

• Not having to worry about your expenses

Your emergency savings should cover your expenses for ________.

• 3 months
• 1 month

• 6 months

• 10 months

When can setting a savings goal help you?

• A. When there is nothing you want or need

• B. When you need to save money long-term

• C. When you want to buy something

• Both B and C

Calculating your expenses helps you budget because ________.

• you can return things you have bought more easily

• you can figure out how to spend less and save more

• you can understand how much money you can spend

• you can stop spending money and save for your goals

How can you save for your goals faster?

• Choosing wants, not needs

• Choosing needs, not wants

• Choosing needs before wants

• Choosing wants before needs

Which of these can help you save money?

• Budgeting money

• Increasing income

• Reducing expenses

• All of the above

What is a savings account used for?

• A. Saving money

• B. Writing checks

• C. Using a debit card

• Both B and C

Your savings account will make more money in interest if you __________.

• save less money

• deposit more money

• make withdrawals

• check your account online

Which of these is true about a savings account?

• You can't open it online

• You may lose your money

• You can't make withdrawals

• You may need to pay fees

You can open a savings account to __________.

• pay for everyday expenses

• deposit money you want to save

• borrow money from financial institutions

• buy a financial product to grow your money