Financial Literacy Session 1

The money that a person earns from a job or other sources, such as investments or rental properties.

• Income

• Profit

• net profit

• deductible income

The money that a person spends on bills, groceries, transportation, entertainment, and other items.

• Fixed expenses

• Needs

• Expenses

• variable expenses

A plan for managing income and expenses helps a person achieve their financial goals.

• Financial goals

• Plan

• Budget

• H.E.N.S

  Expenses that change from month to month, such as utilities, groceries, coffee

• Fixed expenses

• Variable expenses

• Needs

• Bills

What does the 50 - 30 - 20 rule apply to?

• Needs, Wants and Savings

• Wants, Savings and Needs

• Needs, Savings, and Wants

• Bills, Wants, and Savings

What does H.E.N.S stand for?

• Have to Have

  Equity

  Nice to Have 

  Shouldn’t Have

• Have's and Have not

  Essential 

  Nice to Have 

  Shouldn’t Have

• Have to Have

  Essential 

  Nice to Have 

  Should Have

• Have to Have

  Essential 

  Nice to Have 

  Shouldn’t Have

A purchase you enjoy making but life would not be ruined without it.

• Shouldn’t Have

• Nice to Have

• Essential

• Have to Have

A purchase you enjoy making and life would be ruined without it.

• What you physically require/need

• Have to Have

• A purchase you regret/seldomly use

• A purchase you enjoy making and life would be ruined without it.

What you physically require/need

• Have to Have

• Basic needs

• Shouldn’t Have

• Essential

A purchase you regret/seldomly use

• Have to Have

• Essential

• Nice to Have

• Shouldn’t Have