Saving & SMART Goals

Why is saving money important?

• To buy anything you want instantly

• To be prepared for emergencies and future goals

• So you can avoid working

• To impress others with your wealth

Which of the following is a short-term savings goal?

• Retirement

• Vacation next summer

• Buying lunch tomorrow

• Saving for college

What does the 'S' in SMART goals stand for?

• Special

• Simple

• Specific

• Strategic

Which of the following is a SMART savings goal?

• Save money.

• Save $200 in 2 months for a concert.

• Get better at saving.

• Save more.

If you want to save $300 in 3 months, how much should you save per month?

• $25

• $100

• $150

• $75

What is compound interest?

• Interest paid only on the original amount

• Interest that increases your debt

• Interest earned on both the original amount and previous interest

• A one-time fee on savings

Why is starting to save early important?

• It's easier to spend later

• You can earn more through compound interest

• Banks charge more interest

• It helps you avoid taxes

Which of these best describes the 50/30/20 budgeting rule?

• 50% savings, 30% wants, 20% needs

• 50% needs, 30% wants, 20% savings

• 50% wants, 30% needs, 20% savings

• 50% income, 30% taxes, 20% debt

Which is an example of a spending habit that might hurt your savings?

• Setting a SMART goal

• Impulse shopping

• Using a savings app

• Tracking expenses

Which tool helps you calculate how long it takes to reach a savings goal?

• Compound Interest Table

• Expense Tracker

• Savings Goal Calculator

• Investment Portfolio Tracker