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Topic 7 - Coggle Diagram
Topic 7
Managing financial choices involves 5 key areas, what are they?
Staying within a budget
Keeping track of personal finance
Planning ahead
Planning ahead
Staying informed about financial matters.
4 reasons why someone may need to borrow money
buying a home
going on holiday
paying for education
buying a car
Give 3 effects of good financial choices
less ‘bad debt’ in the economy
less borrowing overall
increased spending and increased saving
What is interdependency?
when you are dependet on someone
what is 3 effects of bad financial choices
increased amounts of personal debt that cannot be repaid
more high-risk borrowing
less saving and less spending
What is an overdraft?
when there isn't enough money in an account to cover a transaction
What is a trade off?
when you have more of one thing but that could result in having less of another
Bad money management will involve what?
a unstable econemy