Dollars and Sense

Money and Personal Finance

Business 1, Miss Patty Schmitt

Determining Needs and Wants

Needs Required for survival

Food, water, transportation

Wants Not necessary, but would like to have

CDs, magazines, concerts

Using Credit Cards

One-third of seniors have a credit card One-half of these users have cards in own name

$1,000 balance will take 12 years to repay if only minimum required payment is made Total interest = $979

Consider prepaid or low-limit cards

Budgeting Wisely

Key to getting rich is spending less than you earn Track what you spend each week

Set up categories so you know where money is going Evaluate what wants can be eliminated

Put that extra money into savings account with interest Have goal for saved money, such as buying a computer