Here are some important words to know about money:
Income is all the money you get from a job, family, or benefit checks you get.
Expenses are what you spend. It is the money that comes out of your income to pay your bills.
Savings are what you still have after you pay your expenses. You usually put this money in a bank to use later.
Wants or Needs?
I have $2.00. It would be nice to have a treat. If I buy the candy for 50 cents, and the soda for $1.00, I will only have 50 cents left. If I buy the bread for 75 cents and the cereal for $1.00, I have only 25 cents left. Which is better?
I will have a little more money left, BUT I will have no breakfast for tomorrow!
If I buy the bread and cereal, I will have a little less money, but at least I will have a breakfast tomorrow.
I am ok without candy and soda now, but I will be HUNGRY without breakfast tomorrow.