Classwork: Money Management

What is an example of a fixed expense?

• groceries

• cell phone bill

• school fees

• holiday gift

What is an example of a bad spending habit?

• tracking your spending

• buying coffee everyday

• paying your bills on time

• set short-term financial goals

If Tara spends $4 on iced coffee after school everyday, how much does she spend in a month on coffee?

• $20

• $40

• $80

• $100

What is the difference between a Want and a Need?

• a want makes life more fun but you can get by without and a need is essential to your health and security.

• a need means to give into impulse shopping and a want helps you lead a healthy life.

• a need makes life more fun but you can get by without and a want is essential to your health and security.

• wants include basic living expenses and needs include online shopping every weekend.

When learning about making SMART Goals, what does SMART stand for?

• Specific, Measurable, Attainable, Reassurance, Time-Bound

• Safe, Measurable, Attainable, Reassurance, Time-Bound

• Specific, Market, Attainable, Relevant, Time-Bound

• Specific, Measurable, Attainable, Relevant, Time-Bound

How long should you plan ahead for a short-term goal?

• Three months to a year

• Up to three months

• More than a year

• Two or Three weeks

During the Decisions Lesson, what does I stand for in DECIDE?

• Identify pros and cons of the options

• Investigate your options

• Interpret your criteria

• Imagine your goal

What are some types of Income?

• Pay

• Allowance

• Car payments

• Interest

• Groceries

What can happen without a spending plan?

• May come up short on money before the next paycheck or allowance payment

• Give up independence if you need to rely on others for financial help

• More likely to not reach long-term spending goals

• Added stress if struggling to keep up with payments

• All of the above

What are some sensible money habits?

• Pay yourself first

• have a plan for spare change

• plan your purchases

• mindless online shopping

• paying for unused subscriptions