Sixth Grade
Worksheets
ABCs of Financial Wellness
There are many opinions about how to be healthy financially. However, there are some basic principles that will help many people have a more secure financial situation. Here are some basic ABCs that you may want to apply early in life!
A - Avoid having too much debt. Ideally, living debt-free is a wonderful way to live. Otherwise, money from your income often goes into several payments for things like cars, homes, and items purchased with credit cards. Some people believe that debt used for items that grow in value (such as homes, businesses, or education) can be worthwhile. If you decide to borrow for these things, be very careful. There is no guarantee that anything we put money into will grow in value or provide a guaranteed income. No matter how much debt you are willing to carry, try to pay it off quickly and at least keep it a manageable amount. It is better not to buy something until you have the money saved up for it.
B - Budget your money. Some people are afraid of the word "budget" because it feels like a restriction. However, a budget is simply a plan to help you see where your money goes, or needs to go, each month. By planning for expenses, you can avoid spending the money in other areas. For example, if you drive a car, you will need gas money each month, and eventually you will have some car repair expenses as well. Ideally, you should budget, or plan, to put aside a bit of money every month so that when that repair need comes up, you will have the money set aside.
