Money Matters: Teaching Kids About Finance Early
BudgetA plan that outlines expected income and expenses.
SavingsMoney that is set aside for future use.
AllowanceA fixed amount of money given regularly to children for discretionary use.
BillsPaper currency used in daily transactions, typically representing higher denominations like $1, $5, $10, etc.
CoinsMetal currency used for various transactions, often in smaller denominations such as pennies, nickels, dimes, and quarters.
Digital MoneyCurrency that exists electronically, utilized through various payment methods such as apps or online banking.
SavingSetting aside a portion of money for future use rather than spending it immediately.
SpendingUsing money to purchase goods or services, typically for immediate needs or desires.
BudgetA financial plan that allocates income toward savings, expenses, and donations.
SavingsMoney set aside for future needs or goals.
NeedsEssential expenses required for daily living.
WantsNon-essential items that enhance enjoyment but are not necessary.
SMART GoalsSpecific, Measurable, Achievable, Relevant, and Time-bound goals that help streamline the process of setting objectives.
Delaying GratificationThe ability to resist the temptation for an immediate reward and wait for a later reward, which is often more valuable.
BudgetA plan that outlines expected income and expenses for a specific period.
Savings GoalA specific amount of money a person aims to save for a particular purpose.
Needs vs. WantsNeeds are essential items for survival, while wants are extra items that improve quality of life.
AllowanceRegular payment made by parents to children to teach them about managing money.