Saving Money

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What is the 50/30/20 budgeting plan?

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A budgeting strategy that suggests allocating 50% of income to needs, 30% to wants, and 20% to savings or debt repayment.

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CCSS.6.RP.A.3C

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How can controlling impulse spending help in saving money?

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By reducing unnecessary purchases, you can save more money towards your financial goals.

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What does it mean to 'pay yourself first'?

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It means to set aside a portion of your income for savings before spending on anything else.

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CCSS.RI.9-10.3

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.8.3

CCSS.RI.11-12.5

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What is the significance of breaking savings goals into smaller time frames?

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It makes large savings goals more manageable and achievable by setting smaller, incremental targets.

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What does it mean to live paycheck-to-paycheck?

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It means using your entire paycheck to cover monthly expenses with little to no savings.

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CCSS.L.5.5B

CCSS.L.4.5B

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How have wages changed compared to the costs of living over the past twenty years?

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Wages have increased at a slower rate than the costs of housing, healthcare, and education.

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What is a savings account?

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A bank account that earns interest on the money deposited, used for saving rather than daily spending.

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Why is it important to have an emergency fund?

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An emergency fund provides financial security for unexpected expenses, reducing the need for debt.

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What is the difference between needs and wants in budgeting?

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Needs are essential expenses (like food and housing), while wants are non-essential items (like entertainment and luxury goods).

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What is the purpose of a budget?

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A budget helps track income and expenses, ensuring that spending aligns with financial goals.