PF 3.1 Why Save?

What types of things did people say they were saving for in the video?

• Vacations and travel

• Buying a house

• Education and learning

• Buying a car

• Hobbies and games

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What is one goal you can start saving for now?

• Buying a house

• Going on a vacation

• Retirement

• All of the above

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According to the video, how much should you aim to have saved in an emergency fund?

• 3-6 months of expenses

• 1-2 months of expenses

• 6-12 months of expenses

• 1 year of expenses

What are some tips for growing your emergency fund?

• Cut unnecessary expenses

• • Set up automatic transfers to a separate account

• Buy a new car

• Take a vacation

• • Redirect some spending categories to savings

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What do you think are obstacles that might stop people from building an emergency fund?

VIDEO: Emergency Funds: How Much To Save & How To Get Started

• Lack of financial literacy

• High living expenses

• Low income

• Significant debt

• Good paying job

4. Maryam’s average monthly expenses are $3,750. She wants to have an emergency fund that covers 3 months of expenses saved up within the next 24 months. If she’s starting with $300 in her account, how much does she need to save each month to reach that goal?

Mathematical Equivalence

ON

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In which industry are workers most likely to have varying income month-to-month?

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What percentage of workers in the wholesale and retail trade industry report their income varies month to month?

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What percentage of households where someone lost a job or took a pay cut used money from savings or retirement to pay bills?

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Based on this graph, how would you summarize the impact of COVID-19 on households who lost a job or took a pay cut, compared to households who did not?

• Households where someone lost a job or took a pay cut resorted to more frequent emergency financial actions.

• Households where no one lost a job or took a pay cut were unaffected.

• Households where someone lost a job or took a pay cut had no change in financial actions.

• Households where no one lost a job or took a pay cut resorted to more frequent emergency financial actions.

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