📚 Topic Summary
Saving money is super important! Sometimes, you need money for things you want or need right away – that's short-term saving. Other times, you're saving for something bigger and further away – that's long-term saving. Knowing the difference helps you plan your spending and reach your goals! Think of short-term savings like saving up for a new phone case and long-term savings like putting money away for college.
🧠 Part A: Vocabulary
Match the term with its definition:
| Term |
Definition |
| 1. Savings |
A. Putting money aside for future use. |
| 2. Short-Term Savings |
B. Saving money for goals you want to achieve within a year or less. |
| 3. Long-Term Savings |
C. Saving money for goals you want to achieve in more than a year. |
| 4. Interest |
D. A percentage of your savings that the bank pays you. |
| 5. Goal |
E. Something you want to achieve or obtain. |
Match the following: 1-A, 2-B, 3-C, 4-D, 5-E
📝 Part B: Fill in the Blanks
Read the paragraph and fill in the missing words:
__________ savings are great for things like buying a new video game or a bike. __________ savings are better for bigger goals like college or buying a car. Earning __________ on your savings helps your money grow faster. Setting a clear __________ makes it easier to save.
Word Bank: Short-term, Long-term, Interest, Goal
🤔 Part C: Critical Thinking
Describe a situation where you would use short-term savings and another where you would use long-term savings. Explain why you chose each type of savings for that particular situation.