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Ch. 27 - Living on a BUDGET, or

How to manage your money and why it’s important.

Use the textbook, presentations and your own experiences to answer the following questions.

Section 1

1. What does money mean to you? Give at least 3 answers.

2. Are you a present-oriented spender or a future-oriented spender? Explain the difference between the two styles.

3. What are your financial responsibilities right now?

4. What is a joint checking account?

5. What are two advantages and disadvantages of having a joint checking account?

6. Credit cards are convenient and easy to use. Why are they also dangerous?

7. What are three reasons saving money is so important?

8. What are two tips for saving money?

Section 2

1. Since there are so many people with money problems, why don’t more of them use a budget?

2. Write the first 5 words you think of when you hear the word budget.

3. How are a road map and a budget similar?

4. What are the four steps in creating a budget?

5. You know honesty is important in a relationship, why do you think honesty is important in preparing a budget?

6. What should you base your income on and why?

7. What do you, and other people your age, usually spend their money on? Be specific.

8. How could you be more aware of what you spend?

9. To analyze your spending, you also have to look at the spending “leaks”. What are they typical spending leaks? How much of your spending do these items make up?

10. How are fixed and flexible expenses different? Give an example of each.

11. When planning for your needs and goals, what are three questions you need to ask yourself?

12. For a budget to work for you, it must meet your ___________, __________, and ____________.

13. How is making a personal budget similar to and different from planning a family budget? Give at least two answers.

14. When it comes to money and relationships, ______________ and _______________ are especially important, but you also need _______________, _______________, and __________________.

15. What are four financial danger signals?

16. What are the costs and rewards of the budgeting process?

17. How do these costs and rewards vary depending on a person’s spending style?

18. Do you agree with the quote, “Money makes the world go ‘round?” Why?

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