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    Lesson 14 - Financial Literacy Reflection

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    Lesson 14 - Financial Literacy Reflection

    Uploaded by

    api-583314914
    29 views2 pages

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    lesson 14- financial literacy reflection

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    29 views2 pages

    Lesson 14 - Financial Literacy Reflection

    Uploaded by

    api-583314914

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Financial Literacy Reflection

    1. What are the costs and benefits of credit, such as loans and credit cards?

    Some benefits of credit cards are that you don't have to worry how much cash you have in
    hand. A credit card provides a useful record of how much you spend. Credit cards allow you
    to buy things now and pay later. Some costs of credit cards are that they are so easy to use
    so it makes it easier to overspend and if you don't pay it off immediately, you will end up
    paying that item and the interest charge.

    2. How can you use credit responsibly to achieve your financial goals?

    You can pay bills in time, put a limit on the amount of debt, and be able to make ends meet.
    If an emergency occurred I would have savings, insurance, and good credit to cover any
    surprise payments.

    3. What taxes do citizens pay and how are they calculated?

    Citizens have to pay income taxes which is the money you made from working, social
    security and medicare taxes, and investment income taxes. They are calculated based on
    some chart, usually related to your earnings.

    4. How can insurance help protect your financial future?

    Insurance can help pay bills, fund a college savings account, and can also help you pay off
    your debts you had. Insurances like auto, health, and dental can significantly reduce how
    much you have to pay.

    5. How does setting goals and budgeting help you achieve financial success?

    Setting goals will keep you motivated so you spend less money and stick with your budget.
    Creating a budget can help you to create a financial plan and achieve short and long term
    goals. Saving will help you in case of an emergency. It's important to save money to help
    you during bad times.

    6. How do maintaining healthy finances affect your overall physical and emotional health?

    Financial stress can lead to migraines, stress, and anxiety. Poor financial health can lead to poor
    health so it's important to be wise and protect the finances for good health.

    7. What is your plan to develop healthy financial practices? Discuss three ways that you plan to
    make healthy financial decisions to protect your future.
    I plan on making sure I have basic needs covered such as food, shelter, clothing, and
    transportation. I will make sure there is enough money to cover the bills and recreational
    activities. I will have control over my money to pay bills on time and not have unmanageable
    debt.

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