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How to save/conserve money (Prior Knowledge/Terms (Debt, investment,…
How to save/conserve money
Diction
Noun
money
Gas Staition
Bank
Business
Car
Debit card
House
Adjective
Leather jacket
Massive
Magnificent
Educated
Encouraging
Fearless
Verbs
Depend
Invest
Belong
Acquire
Add
Fail
Adverbs
Carefully
Correctly
Barely
Monthly
Easily
Delicately
Daily
Prior Knowledge/Terms
Debt
investment
Income statement
stock market
Loan
risk
Credit
buying power
Need to know
Are you making more money than your spending each month?
If you are not making enough money to keep up with your monthly bills or your having to use credit to get you through the month then you need to either get another job or get a better job than you currently have.
Should you invest in making a business?
Do you have time to keep up with the business, do you have enough money to start the business and if it fails will you be able to stay stable financially, you also have to make sure that people will see your product (marketing) so will it catch peoples eye?
Should you invest in the stock market?
Higher rewards means higher risk, for example, the stock market, if your lucky then you will come out on top but you could also lose all of the money and maybe even more if a stock fails and it backfires.
Are you able to put away money without it affecting you?
If so then you probably have decent paying job and you can support yourself with no problem. If not then you need to find a way to be able to put your money away like maybe in a savings account of give it to a good friend that you would trust with your money so you don't spend it.
Try to keep your debt as low as possible while still acquiring the things that you need to succeed.
(college, buying a house/car etc..)
If you can save your money on things you do not need then do so but if you can afford the thing you want without it affecting you financially then buy it but be sure that it wont put you into debt and or make sure you can pay your debts back. For example: say you really want that new jacket that you see when your clothes shopping and you already have plenty of jackets that are similar at home but you want the jacket anyway and you get it, but then you notice that you have just spent more than your supposed to at the clothes shop and now your behind on your bills, this is called
impulse buying
.
Debt
Debt is something that is owed to someone for example if i'm at a gas station and I go to buy a decent amount of expensive stuff then I can just use my
credit card
which is basically owned by the bank and it allows to buy stuff on
credit
but however much you spend on that credit card each month is how much you owe back to the card holders bank at the end of each month and if you don't pay the owed amounts at the end of the month then you will also have to owe
late fees
which raises your
credit score
and if you have a bad credit score then banks wont trust you with taking out a
loan
to buy a car for example, so credit score does matter! If you still continue to miss the late fee payments then your
card can be frozen
by your bank, disabling the use of your card.
Figurative language
(
Metaphors
)
"Saving money for a rainy"
"Dirt poor"
"Filthy rich"
"The love of money is the root of all evil"
"Money doesn't grow on trees."
"Spending like its going out of fashion"
The way in which a person perceives money affects how they will use money