- Finish Chapter 2 work if needed
- Chapter 3 videos
- Journal Questions (answer below)
- Chapter 3 worksheets
- Balancing Your Checkbook
- How to Manage Your Checking Account
Thursday
STUDY (end of chapter questions)
Friday
Unit 1 assessment
Edmodo group code: iacy38
Edmodo group code: iacy38
It is common for Americans to spend more than they make because we have so much available to us to purchase. Sales and marketing strategies encourage us to buy now rather than save money and buy later.
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ReplyDeleteIt is described as "crisis living" because you are in a situation that requires that you give out money that you don't have. Then that overdraft fee is way more than you think it is. You are in way over your head.
ReplyDeleteThe most challenging aspect when it comes to keeping a monthly budget is the unexpected expenses. So many little ways pop up that require money.
ReplyDeleteI think it is common for Americans to spend more than they make because they don't have concrete numbers in mind. The keep a vague total in the back of their mind, but don't care enough about the money facts.
ReplyDeleteA zero-based budget is when all you money has a specific place to be spent -right down to the last dollar. It is important because you don't want to plan having money for an item, only to find out you already spent it on something else.
ReplyDeleteOverdrafts are a sign of "crisis living" because it shows that you don't have enough money to cover expenses. It's putting you into debt.
ReplyDeleteAmerica is a big country for consumerism, society/media is constantly pushing spending money to live happily. We buy into this idea and are consistently fluctuating between being a growing economy and on bound for another recession, which would put more people out of work and then they're unable to pay for everyday expenses.
ReplyDeleteA zero-based budget is a plan that gets you down to your last pennies. It's important to write because it shows the exact ways and where you spend all your money, there's nothing left over.
ReplyDeleteWhat have you heard about "building your credit score"?
ReplyDeleteYou need a credit score to borrow money from the bank. The better your score is, the more money you can borrow, and a lower interest rate on the borrowed money.
Explain how debt is actually a product that is bought and sold.
ReplyDeleteBanks work really hard to try and sell you credit cards. They tell you that if you spend "X" amount of money on your credit card, then you'll get "X" amount of money from the bank. It's basically getting paid to go into debt, except, you go way further into debt than the money you get paid back.
Building a credit score is to later on if needed, taking a loan from the bank. The more reliable you are, the more likely you are to receive a loan.
ReplyDeleteExplain what Dave means when he says, "The borrower is slave to the lender."
ReplyDeleteWhen you owe someone money, you are basically in debt to them, you OWE them. This gives them power over you, a hand around your neck, limiting your freedom.
"The borrower is slave to the lender"
ReplyDeleteThis means that the consumers rely to heavily on the people issuing the loans. We believe we need it when really all we need is a little self control.
Explain why co-signing a loan is never a good idea.
ReplyDeleteIf you need a co-signer for a loan it means you're not ready to make that purchase. Co-signing can also hurt or even destroy relationships.
Explain why it is better to take out a 15-year mortgage instead of a 30-year mortgage.
ReplyDeleteIn the long run you'll save a lot more money. Also, you'll spend less time being tied down by a mortgage because you chose the 15-year and not the 30-year.
Explain the difference between a credit card and a debit card.
ReplyDeleteYou cannot go into debt with a debit card.
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