Saving Money

Why do people save money?

• To buy gold.

• People save money so that they can buy things they need or want in the future.

• To have fun.

• To give to their children.

What is the meaning of "Bank"?

• Something a person aims for.

• Money loaned to the government.

• A business where people keep their money.

• Things people must have to survive.

Why do people buy savings bonds?

• To sell them.

• They earn interest on them.

What is the meaning of "Savings"

• Times when items are sold cheaper.

• Funds set aside for unexpected costs.

• Things people would like to have.

• Something a person aims for.

Why is it important to track your spending when trying to save money?

• Because tracking spending has no impact on saving money

• To identify areas where you can cut back and save more effectively.

• To increase debt and overspend

• To splurge on unnecessary items

What are some strategies to cut down on unnecessary expenses?

• Ignore tracking expenses

• Create a budget, track expenses, avoid impulse purchases, negotiate bills, meal plan, find cheaper alternatives

• Stick to the same expensive habits

• Spend more money on unnecessary items

For which of the following should you save?

• purchases

• emergency fund

• wealth building

• all the above

How often should you review and adjust your budget?

• Once a year

• Every month

• Only when you get a raise

• Never, once a budget is set it should not be changed

Why do people buy things when they are on sale?

• To resell it.

• They can get them cheaper than the normal price.

Give an example of a time an emergency fund would be used.

• unexpected events like doctor visits, car repairs, and home projects.

• to buy gold.

• to go for a movie.

• to have fun.