Money Personality and Saving

Match the money personality on the left with its correct definition on the right.

• A Spender

• A person that likes to see their money make them more money.

• A Collector

• A person who puts off making financial decisions.   

• A Miser

• A person that enjoys spending and thinks little on how to pay for their purchases.

• An Avoider

• A person who cares about others that have less than them and feels guilty having more money.

• A Thinker

• A person who saves every penny and doesn’t like spending any money.

Choose the letter to the sentence that best corresponds to the best definition to the word

Income:

• A.      Items that are specifically budgeted.

• B. A strictly scheduled labor contract.

• C. A manufacturer’s surplus of defective products.

• D. Money received for labor or products.

Choose the letter to the sentence that best corresponds to the best definition to the word Tradeoffs:

• A. A sport tournament where the winning team advances.

• B. Money spent on one thing, cannot be saved or spent on something else.

• C. An impromptu dance contest where the winner is determined by the audience.

• D. A polite way to ask a person to leave you alone, or to stop bothering you.

Choose the letter to the sentence that best corresponds to the best definition to the word Expenses:

• A. A form of accounting used by non-profit organizations.

• B. The cost required for something, money spent on something.

• C. A method of organizing products in a catalog.

• D. The contract agreed on by a distributor and manufacturer.

Choose the letter to the sentence that best corresponds to the best definition to the word Delayed Gratification:

• A.      The name of a very popular rock and roll band.

• A.      The act of reviewing multiple banks to determine the best one.

• A.      The process of contacting many vendors to find “the right product”.

• A.       The ability to resist an immediate temptation to get a reward later.

Which of these is NOT a factor that can influence your financial decision making?

• Family members

• Influencers/ social media

• The color of your clothes

• The economy

• Personal values/ emotions

One reason people should save money is to create an "emergency fund." Which of these is an example of an unexpected expense you might use an emergency fund to pay for?

• 6 months of cable TV.

• A new cell phone if yours is stolen on the bus.

• Valentine's Day gifts for friends and family.

• Your back-to-school clothes and supplies.

What does it mean to “pay yourself first”?

• On payday, take some money out to reward yourself with some fun spending.

• Save money when you are young so you can spend more money when you are older.

• Any time you get paid, set aside some portion to save before you do any spending.

• Spend money on yourself first, then your immediate family, then friends or other relatives.

TJ is in 7th grade right now and cuts grass for neighbors to earn money. He wants to set one short-term savings goal and one long-term savings goal. Which answer best matches those goals?

• Short-term = a pack of gum // long-term = 3 packs of gum

• Short-term = a car // long-term = a nicer car

• Short-term = expensive new sneakers // long-term = a car

• Short-term = birthday present for his mom // long-term = a trip to the movies

Ro's school offers an overnight trip to Washington DC for all 9th grade US history students. Even though the trip is 20 months in the future, she knows she wants to attend and that she should start saving now. If the trip costs $500 total, how much does she need to save per month to have enough?

• $20 per month

• $25 per month

• $480 per month

• $10,000 per month