Money Management For Kids: 3 Tips You Should Know

Danielle from First Interstate Bank provides three tips for kids on managing money. She advises setting SMART goals, using the 50-30-20 rule to divide funds, and being flexible with savings. These tips aim to instill confidence in financial well-being.

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

• Strategic

• Specific

• Simple

• Sustainable

If you want to save $1000 in 5 months, how much should you save each month?

• $100

• $150

• $200

• $250

According to the 50-30-20 rule, what percentage of your funds should be allocated to needs?

• 70%

• 20%

• 30%

• 50%

What category does borrowing money from a friend fall under in the 50-30-20 rule?

• Savings or Debts

• Needs

• Wants

• Investments

What should you do if you can't save 20% of your income one month?

• Ignore your savings goal

• Borrow money to make up the difference

• Save as much as you can and try to save more next month

• Stop saving altogether