What Is a Budget?

How much does your favorite snack cost? How many dollars do you spend each week? Can you spend less money to save some? Making a budget is a good way to answer those questions. A budget is a plan for how to spend and save money. Companies and countries have budgets to manage their spending.

What does it mean?

The money you spend = the money you make

Solve in your NOTECARD.

Add all of the income.

Add all of the expenses.

Credit Cards

• Buy now, pay later

• Interest charged if borrowed amount is not fully repaid

• Spending limit

• Withdrawal fee

Debit Cards

• Money immediately removed from the bank account

• Linked to a checking or savings account

• Withdraw cash

• Spend only what you have in your bank account

Checking Account

• A bank account

• Make deposits or withdrawals from your account

• Transfer funds (money) between another bank account

• Balance your account with a check register

Identity theft - Video

Take note of all the ways you can protect yourself from identity theft.

Practice

Your friend just got a new credit card and wants to know how she can protect herself from credit card fraud. You are eager to share the information you just learned with him. Fill in the blanks in the following slides so that you can tell him what steps to take.

QUIZ TIME

LESSON 6.1 QUIZ

YOUR GRADE FOR LESSON 6.1 IS BASED ON YOUR QUIZ SCORE. CLICK THE LINK AND TAKE THE QUIZ.