Sumative 2, XI, 24/25

How to Manage Your Money

Managing your money effectively is crucial for financial stability. Follow these steps to ensure you're on the right track:

Step 1: Create a Budget

· List all your sources of income.

· Determine your fixed expenses such as rent, utilities, and loan payments.

· Allocate funds for variable expenses like groceries, entertainment, and transportation.

· Subtract your total expenses from your income to ensure it doesn't exceed

Step 2: Track Your Expenses

· Keep track of every penny you spend for a month.

· Categorize your expenses to identify areas where you can cut back.

· Review your spending habits and adjust your budget accordingly

Step 3: Establish an Emergency Fund

· Set aside a portion of your income each month to build an emergency fund.

· Aim for at least three to six months' worth of living expenses.

· This fund will help you cover unexpected expenses without relying on credit cards or loans

Step 4: Save and Invest

· Allocate a portion of your income for savings and investments.

· Save for short-term goals like vacations or large purchases.

· Invest for long-term goals such as retirement or buying a home

Step 5: Monitor and Adjust

· Regularly review your budget and financial goals.

· Make adjustments as needed based on changes in income or expenses.

· Stay disciplined and stick to your financial plan

Why is it essential to regularly monitor and adjust your financial plan?

• To accumulate debt

• To review your spending habits.

• To ignore financial responsibilities.

• To stay disciplined and stick to your plan.

• To get new income

How to Withdraw Money from an ATM

You can use an ATM to withdraw money with your debit card. Learn where to find ATMs and how to avoid fees when using them. Automatic Teller Machines (ATMs) allow you to withdraw and deposit money. These machines are incredible convenient as they allow you to manage some of your day-to day banking needs without having to visit a brach during their hours of operation. You can skip long lines, avoid rushing to get to the bank before it closes and get your banking done while you’re on the go at any hour of the day or night.

To access cash from an ATM, you just need to follow a few simple steps below.

1. Insert your debit or credit card into the ATM

2. Choose language that you want

3. Confirm your identity by entering your Personal Identification Number (PIN)

4. Select how much you want to withdraw

5. Choose what type of bills you want, if this option is available

6. Choose if you need the receipt of the transaction

7. Remove your cash from the ATM

8. Press “Cancel” to remove your debit card from the ATM

Learn where to find ATMs and how to avoid fees when using them.

The word “them” refers to....

• money

• debit card

• ATMs

• fees

• teller

This book is the…..expensive in this store.

Which sentence is in the imperative mood?

• Trying to understand the product's features and appearance before buying

• You can add the product to your favorites list

• Review all the information you have entered

• By clicking on the product to view its details

• You could contact the seller directly

How to Use Your Pocket Money Wisely

Having pocket money is a great opportunity to learn how to manage money. Using your pocket money wisely can help you save for things you want, avoid unnecessary spending, and develop good financial habits for the future.

First, it's important to know how much money you have. Try to keep track of the money you receive and how you spend it. You can use a small notebook or a simple phone app for this. This helps you see where your money is actually going.

Next, think about what you need versus what you want. Needs are things you essential for you, like lunch money or transportation fares if your pocket money is for that. Wants are things you'd like to have but don't necessarily need, like snacks, toys, or entertainment. Try to prioritize your needs before spending on wants.

Saving is another crucial step. Even saving a small amount regularly can add up over time. Set a savings goal, like buying a new book or a game, and put aside a portion of your pocket money towards that goal. You can use a piggy bank or a separate savings jar.

Avoid impulse buying. This is when you buy something suddenly without planning, just because you see it and want it right away. Before buying something, especially a want, ask yourself if you really need it and if you can afford it after setting aside your savings and covering your needs. Sometimes waiting a day or two can help you decide if it's something you truly want.

Finally, make a simple plan or budget for your money. Decide how much you will save, how much you can spend on needs, and how much is left for wants. Sticking to a budget requires discipline, but it gets easier with practice.

Using your pocket money wisely is a valuable skill that will benefit you throughout your life. Start practicing these habits now!

_____

Why does the text advise avoiding impulse buying?

• It makes tracking your spending easier.

• It is a way to save money.

• It often leads to buy things you don't truly need after careful consideration.

• It helps you spend all your money quickly.

• It helps you to make a budget.

Choose the correct imperative sentence!

• Pass the salt, please.

• Please you pass me the salt.

• You please pass me the salt.

• You can pass me the salt

• Could you pass me the salt, please.

Window Shopping

Window shopping is a leisure activity that involves browsing through store windows to look at merchandise without intending to buy. Follow these steps to enjoy window shopping:

Step 1: Choose a Location

· Select a shopping area or district known for its variety of stores and window displays

Step 2: Explore Storefronts

· Walk along the street and explore the storefronts of different shops.

· Take your time to admire the window displays and observe the merchandise on offer.

Step 3: Compare Prices and Styles

· Compare prices and styles of similar items displayed in different stores.

· Note any unique or interesting products that catch your eye.

Step 4: Take Photos (Optional)

· Consider taking photos of window displays or items you particularly like for future reference

· This can help you remember products or inspire your own shopping choices later

Step 5: Enjoy the Experience

· Remember that window shopping is primarily about enjoying the experience and discovering new trends

· Take in the sights, sounds, and atmosphere of the shopping area without feeling pressured to make a purchase

What is the main purpose of window shopping according to the procedure text?

• To buy merchandise.

• To compare prices and styles.

• To choose a location.

• To take the sight

• To admire window displays without intending to buy

This problem is _______ (difficult) than I thought.

He is the _______ (happy) person I know.

Window Shopping

Window shopping is a leisure activity that involves browsing through store windows to look at merchandise without intending to buy. Follow these steps to enjoy window shopping:

Step 1: Choose a Location

· Select a shopping area or district known for its variety of stores and window displays

Step 2: Explore Storefronts

· Walk along the street and explore the storefronts of different shops.

· Take your time to admire the window displays and observe the merchandise on offer.

Step 3: Compare Prices and Styles

· Compare prices and styles of similar items displayed in different stores.

· Note any unique or interesting products that catch your eye.

Step 4: Take Photos (Optional)

· Consider taking photos of window displays or items you particularly like for future reference

· This can help you remember products or inspire your own shopping choices later

Step 5: Enjoy the Experience

· Remember that window shopping is primarily about enjoying the experience and discovering new trends

· Take in the sights, sounds, and atmosphere of the shopping area without feeling pressured to make a purchase

Why is it important to compare prices and styles during window shopping?

• To rush through the process.

• To note unique or interesting products.

• To avoid taking photos.

• To make immediate purchases.

• To get information