Module 1 finance

Incentives

Something that motivates or encourages one to do something.

Intentional (Glossary)

Done on purpose.

Opportunity cost (Glossary)

The value of the best alternative that is not chosen when making a decision.

Trade-offs (Glossary)

A balance achieved between two desirable but incompatible features.

Cost (Glossary)

The value of money that has been used up to produce something or deliver a service.

Interest (Glossary)

The fee paid to borrow money or the reward earned for saving money.

Debt (Glossary)

Something, typically money, that is owed or due.

Instant gratification (Glossary)

The urge to immediately satisfy a desire or need.

Carrying cost of debt (Glossary)

The ongoing expense associated with holding debt.

Medium of exchange (Glossary)

A system or instrument used to facilitate the trade of goods and services between parties.

Financial planning (Glossary)

Involves a thorough examination of your income and spending.

Emotions (factors affecting)

Your feelings that may influence your financial decisions.

Customs, traditions, habits (factors affecting)

Established patterns or styles that affect purchasing choices.

Friends and peers (factors affecting)

The influence of your social circle on your money decisions.

Family members (factors affecting)

The impact of family opinions and expectations on financial choices.

Latest styles and fads (factors affecting)

Trends that can affect consumer behavior.

Advertising (factors affecting)

Marketing efforts that can sway your purchasing decisions.

Incentives ( factors affecting)

Was it because of a sale that was on a discount coupon you had?

Your values and confidence (factors affecting)

Personal beliefs and self-assurance that shape your financial choices.

Think about your thinking (What do you need to consider)

Take time to reflect before making financial decisions.

Future trade-offs (What do you need to consider)

Consider potential future outcomes related to financial choices.

Can you afford the cost (What do you need to consider)

Assess whether you have the means to make a purchase.

Make saving a priority ( steps to saving money)

Prioritize saving money before spending on other items.

Set a savings goal ( steps to saving money)

Establish a target to work towards in your saving efforts.

Rewards ( steps to saving money)

Incentivize yourself when you reach savings milestones.

Track your spending ( steps to saving money)

Monitor where your money goes to identify savings opportunities.

Budget ( steps to saving money)

Create and adhere to a plan for managing spending and saving.