Personal Finance Unit 1: Ch. 1 (1) Ch. 2 (1, 2, 3, 4, 5, 6) Ch. 7 (1, 2, 3, 4, 5, 6)
Keeping track of your expenses will help you _________ your budget.
Adjust
Financial _______ is money to help to pay for college.
Aid
_____________ the cost of college now.
Consider
A person or organization that uses a product or service.
Consumer
Money owed to another person or company.
Debt
When debt payments are held off for or until a certain time and no interest accrues.
Deferred
Every month is going to be ___________.
Different
The first month you do your budget will be a _____________, and thats okay.
Disaster
Expense for things you don't need.
Discretionary (Nonessential) Expense
To get intentional, the first thing you need to do is _____________.
Dream
Self control is ________________ maturity.
Emotional
The federal application required to receive any financial aid, including scholarships, grants, or loans offered though a college or university.
FAFSA
when budgeting becomes a habit in your life, it will become easier and ______________.
Faster
Loans made by the government with terms and conditions set by law; often have a lower fixed interest rate.
Federal student loans
A letter sent by a college or university that explains attendance costs and details about a student's financial aid package.
Financial Aid Award Letter
Any form of financial aid that doesn't need to be repaid.
Gift aid
The second component of a budget is ___________.
Giving
Your income, savings, and ___________ can also have categories.
Giving
The importance of giving
Giving something that seems small to you may be something big to the person you help and bless.
There is no such thing as ________ debt.
Good
The better your _____________, the easier it will be to get into the college of your choice and earn scholarships.
Grades
Be ___________ with yourself about your spender or saver tendencies.
Honest
95% of people agree that budgeting is _________________.
Important
Money received for work, as a gift, or through investment.
Income
The first component of a budget is ____________.
Income
The average tuition and fees at a community college are much ________ than a four year school.
Lower
_____________ your investment.
Maximize
The problem with anyone's money is the person in the ____________.
Mirror
You need to do a budget every single ____________.
Month
Most grants are awarded based on financial ____________.
Need
You can accept ___________ of your package without accepting everything, so say no to students loans
Parts
An expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings.
Paycheck to Paycheck
A budget is never going to be a ________ process.
Perfect
All financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time.
Personal Finance
You will be inclined to budget one way or another way based on your own money _____________.
Personality
Take time to _____________ all the choices you have.
Research
The Five Foundations
Save $500 emergency fund Get out and stay out of debt Pay cash for your car Pay cash for college Build wealth and give
The third component of a budget is ____________.
Saving
financial aid that does not need to be repaid; usually awarded based on achievements.
Scholarship
Trade schools are great for learning a specific ________ in a short amount of time.
Skill
Since most aid is given on a first-income, first served basis, you need to fill out the FAFSA as ____________ as possible
Soon
Money flows out through giving, saving, and _______________.
Spending
The fourth component of a budget is ___________.
Spending
Build your resume to ___________ out.
Stand
A document that shows whether or not you are eligible for federal student aid.
Student Aid report
Federal student loans that are based on student's financial need and don't accrue interest for a set period of time.
Subsidized loans
You can make the ____________ you want to make in America.
life
Personal Finance is _______% head knowledge and _______% behavior
20% head knowledge 80% behavior
Only __________ of people do a budget every month
35%
______% of Americans agree budgeting is important, but only _______% budget.
95% 35%
A two or three year post secondary undergraduate degree.
Associates Degree
An under graduate degree from a college or university, usually completed after four or five years of study.
Bachelor's Degree
The average ____________ takes twenty years or more to pay off their student loans.
Borrower
When you use _________, you end up spending less.
Cash
A record that summarizes all of the income and outgo (spending) over a certain period.
Cash-Flow Statement
The way you break up your _______________ is up to you.
Categories
Make sure you have a miscellaneous _______________.
Category
A zero based budget does not mean zero dollars in your ______________ account.
Checking
Earnings based on a percentage of the sales made.
Commission
One of the best ways to track your expenses is the ____________ system.
Envelope
Expense that remains the same from month to month.
Fixed expense
Money __________ in two ways; in and out.
Flows
Your budget gives you ____________ to spend.
Freedom
Ask a parent or find a __________ to help keep you accountable.
Friend
Student loans steal from your ____________.
Future
Loans made by banks, credit unions, or other organizations with terms and conditions set by the lender, including higher or variable interest rate.
Private Student Loans
Don't underestimate the emotional ____________ you get when using cash.
Punch
Find ways to ___________ the cost of college.
Reduce
Give your budget _________ months to start working.
Three
After you make a budget, you need to _______ every expense.
Track
With the rising interest in entrepreneurship, there's been an explosion of programs offering entrepreneurial _____________.
Training
The U.S. is dealing with a 1.7 _______________ dollar student loan crisis.
Trillion
The percentage of the labor force, or a specific demographic, that's jobless and looking for work.
Unemployment rate
Federal students loans that aren't based on a students financial need and start accruing interest immediately.
Unsubsidized loans
Expense that varies in dollar amount from month to month but that you can expect to have every month.
Variable expense
A program that allows students to work part time while continuing their studies.
Work Study
Use a budgeting app that works for _________.
You
A zero based budget is when your income minus your giving, saving, and spending equals ________.
Zero
The best kind of budget is a _________________ budget.
Zero based
A cash flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero.
Zero based budget
__________ aid is financial aid you don't have to pay back.
gift
It's hard to be disciplined and have ________________.
self-control
A written plan for giving, saving, and spending.
Budget
The fourth foundation: pay ________ for college.
Cash
Certificate programs, boot camps, and accelerated programs are typically more _____________.
Flexible
Debt payments are held off for or until a certain time but interest continues to accrue.
Forbearance
Prioritize your ________________: shelter, utilities, transportation, and food.
Four Wallsw
Financial aid that does not usually need to be repaid; usually awarded based on financial need.
Grant
The amount you earn before taxes and other payroll deductions.
Gross income
Four Parts of a budget...
Income, giving, saving, spending
Expense that occurs at various times throughout the year and tends to be in large, lump sums.
Intermittent expense
Income that comes in at different amounts or at different times, or both.
Irregular Income
Work study is a part time _________ that lets you earn up to a fixed amount of money.
Job
What a person earns after payroll taxes and other deductions are taken out; often referred to as take home pay.
Net income
The FAFSA ____________ the door to federal, state, and school aid.
Opens
Explore your __________.
Options
A budget is a ____________ for your money.
Plan
All education that takes place after high school, including university, college, community college, certification, or trade school.
Post secondary education
A course that needs to be completed before a students can enroll in a second course.
Prerequisite
___________ your budget with someone you trust.
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