3rd Grade Planned and Unplanned Spending Flashcard

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What is planned spending?

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Planned spending is when you decide in advance how much money you will spend on certain things, like saving for a vacation or a new toy.

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What is unplanned spending?

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Unplanned spending is when you buy something without planning for it, often because of impulse or sudden desire.

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Why is it important to save money?

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Saving money helps you prepare for future needs, unexpected expenses, and achieve financial goals.

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What is a budget?

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A budget is a plan that helps you track your income and expenses to manage your money wisely.

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How can you create a budget?

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You can create a budget by listing your income, then writing down your expenses and deciding how much to save.

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What are impulse purchases?

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Impulse purchases are items bought on a whim without prior planning or consideration.

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What is a financial goal?

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A financial goal is a specific target you want to achieve with your money, like saving for a bike or a trip.

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How can you earn money?

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You can earn money by working, doing chores, starting a small business, or receiving allowances.

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What does it mean to track expenses?

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Tracking expenses means keeping a record of what you spend money on to understand your spending habits.

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What is an emergency fund?

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An emergency fund is money set aside for unexpected expenses, like car repairs or medical bills.