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Personal Finance and Money Management

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Questions and Answers

What do I do with money on things that are not necessary?

I spend it on everything I want

I invest it in stocks

Don't waste it on unnecessary things (correct)

I save it for future use

How do I try to save money?

By earning extra money through crafts

By buying expensive things

By going on frequent vacations

By cooking meals at home (correct)

What should I do with my extra money?

Invest it in a business

Save it for emergencies (correct)

Spend it on a new outfit

Lend it to a friend

Why do I need to prioritize my spending?

To save money for the future Signup and view all the answers

What should I avoid doing with my money?

Wasting it on unnecessary things Signup and view all the answers

Why do I need to have insurance?

To have peace of mind in case of emergencies Signup and view all the answers

What is the importance of having insurance?

To be prepared for unexpected medical expenses Signup and view all the answers

What does it mean to be unable to afford something?

Not having enough money to pay for something Signup and view all the answers

What does 'making payments' on a home mean?

Paying a portion of the house price over time Signup and view all the answers

What is the value of setting aside money for a rainy day?

To be prepared for unexpected expenses Signup and view all the answers

What is wise to avoid when managing money?

Spending money on unnecessary purchases Signup and view all the answers

What is a common consequence of overspending?

Being unable to afford something Signup and view all the answers

What do you do when you find a lost dog in your neighborhood?

You try to find its owner Signup and view all the answers

What happens when your bicycle breaks down on your way to school?

You try to fix it or find an alternative Signup and view all the answers

What do you do when you go on a school trip to a historical museum?

You observe the exhibits and learn Signup and view all the answers

What happens when you try cooking a new recipe for the first time?

You follow the recipe and learn from the experience Signup and view all the answers

What happens when you meet your favorite celebrity in a café?

You interact with the celebrity and feel excited Signup and view all the answers