If you don't have the money for it, don't buy it. - Money Management Tip, A credit on a card that you pay for later. - Credit Card, A card that takes money out of your account right now. - Debit Card, Checking Account - A bank account used to pay bills and everyday expenses (e.g., pay bills, buy groceries, buy hygiene products)., Savings Account - A bank account used to save for bigger life purchases (e.g., a car, a house, college)., Interest - The reward for saving and the cost of borrowing money when you don't have it., Debt - When you owe money to someone else., Why do people go into debt? - Taking out loans to pay for big life purchases (e.g., a car, a house, college) OR when you spend too much money on a credit card if you don't have the money to pay it off right away., Money management TOP priority - Pay bills on time and pay back debt/money that you owe to others., Loan - Borrowing money that you don't have., Taxes - Mandatory fees paid to the government., Income tax - Taxed fee taken off the personal income you make at your job., Property Tax - Taxed fee charged for land, and buildings that you own., Sales Tax - Taxed fee added to goods and services that you purchase (e.g., food at a restaurant, toys, video games)., Budgeting - Planning out how to spend and save your money so you don't go into debt or spend more money than you currently have., Spending too much - Can negatively affect your ability to buy things you actually need (e.g., spent too much on a credit card for online games so can't afford to pay for food this month)., Keeping money safe - Money should be kept somewhere where it can't fall out or be lost, or taken by those it doesn't belong too., Where to keep money? - Wallet, purse, safe with a code., Mortgage - This is a special type of loan that is used to buy a house., Retirement Saving - Saving for when you are done working in the workforce, when you no longer earn a paycheck.,

Money Management Skills

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