Savings and Credit (Junior Cert Home Economics): Flashcards
📚Flashcards
Practise the cards
12 cards from this deck
ShowHide
Practise the cards
12 cards from this deck
What are 2 options when you can't afford something?
What are 2 options when you can't afford something?
Saving or buying on credit
Definition of saving
Definition of saving
Putting money aside until you can afford it
Financial benefit of saving money
Financial benefit of saving money
You earn interest (extra money)
Main disadvantage of saving
Main disadvantage of saving
You have to wait for the item
3 places where you can save money
3 places where you can save money
Credit union, bank/building society, post office
Definition of interest
Definition of interest
Cost of borrowing or reward for saving money
Advantages of buying on credit
Advantages of buying on credit
Use item while paying; helps with large purchases
Disadvantages of credit
Disadvantages of credit
Overspending, higher cost (interest), debt risk
What is hire purchase?
What is hire purchase?
Pay in instalments; don't own until fully paid
What does a home filing system do?
What does a home filing system do?
Keeps important family paperwork organised
Examples stored in home filing system
Examples stored in home filing system
Passports, bills, receipts, school reports, bank statements
Benefits of home filing system
Benefits of home filing system
Bills paid on time, saves time, easy access to documents