Empowering Kids for Financial Success
BudgetA plan that outlines how much money you expect to receive (income) and how much you plan to spend (expenses).
SavingsMoney set aside for future needs or emergencies, rather than used for everyday expenses.
AllowanceA set amount of money given to children regularly to teach them about managing money.
BudgetingThe process of creating a plan on how to spend your money.
AllowanceMoney given to children by parents regularly to manage their own financial choices.
GivingThe act of donating a portion of one’s money to help others.
Delayed GratificationThe ability to resist the temptation of an immediate reward in preference for a later reward.
Savings GoalAn amount of money that a person aims to accumulate for a specific purpose.
CharityAn organization set up to provide help and raise money for those in need.
EmpathyThe ability to understand and share the feelings of another.
NonprofitAn organization that uses its surplus revenues to further its mission rather than distributing profits to shareholders.
InvestmentAllocating money to assets in hopes of generating profit.
Compound InterestEarning interest on previous interest.
Index FundA type of mutual fund that aims to replicate the performance of a specific index.
Compound InterestThe interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
529 PlanA tax-advantaged savings plan designed to encourage saving for future education expenses.
IRAIndividual Retirement Account; a savings account with tax advantages to help you save for retirement.