Saving (Junior Cert Business Studies): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
Definition of saving
Definition of saving
Setting aside part of income instead of spending it
Example of planned future expense to save for
Example of planned future expense to save for
Annual car insurance or school expenses
Examples of wants/goals people save for
Examples of wants/goals people save for
Holiday or new gadgets
Example of major purchase requiring savings
Example of major purchase requiring savings
Deposit on a house or buying a car
Purpose of saving for unexpected expenses
Purpose of saving for unexpected expenses
Provides security & acts as financial safety net
Long-term saving goal for future security
Long-term saving goal for future security
Retirement
Recommended emergency fund size
Recommended emergency fund size
3-6 months' worth of expenses
Foundation of good saving habits
Foundation of good saving habits
Creating a budget
Better payment method to avoid interest charges
Better payment method to avoid interest charges
Debit cards instead of credit cards
Definition of interest
Definition of interest
Reward from financial institution for saving money with them
What deposit accounts are
What deposit accounts are
Special bank accounts designed for saving money
Two benefits of bank deposit accounts
Two benefits of bank deposit accounts
Money kept safe & secure, and earns interest