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In SaveUp, 13-year-olds are able to choose self-paced courses that equip them with skills they will need as informed consumers. It prompts them to start saving earlier. Here we are providing correct answers on Everfi SaveUp modules.
Savings
Savings is a broad term for any amount of your personal money that you save and don’t spend right away.
Wants
Wants are things that are nice to have but you don’t need. Wants are usually things you do for fun.
Needs
Needs are things you can’t live without because you use them for school, personal care, or to stay alive.
Budget
A budget is a plan for using your money over a set period of time. It helps you keep track of what you earn, spend, and save
Financial Emergency
A financial emergency is something that costs you money when you’re not expecting it.
Emergency Savings
Emergency savings is money you save to cover unexpected events like financial emergencies.
Short-Term Goals
Short-term savings goals take a shorter time to achieve, usually just a few weeks or months.
Mid-Term Goals
Mid-term savings goals may take anywhere from a few months to a year to achieve.
Long-Term Goals
Long-term savings goals usually take a year or more to achieve; sometimes many years.
Savings Account
An account at a financial institution that gains interest and allows withdrawals.
Interest
Money that a financial institution pays you to borrow your money.
Balance
The amount of money you put in your savings account at any one time.
Principal
The amount of money borrowed.
Source
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