Saving Money Worksheet
This worksheet helps grade 9 students understand key concepts related to saving money, including interest, budgeting, and financial goals.
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Standards
Topics
Saving Money: Financial Literacy
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Read each question carefully and answer to the best of your ability. Show all your work for calculation problems.
1. What is the primary benefit of saving money in a bank account that earns interest?
You can spend it immediately.
Your money grows over time.
You avoid paying taxes.
It's always accessible without fees.
2. Which of the following is an example of a long-term financial goal?
Buying a new video game next week.
Saving for a down payment on a house.
Purchasing concert tickets for next month.
Going out to eat this weekend.
3. The money you earn from your savings account is called .
4. A plan for how you will spend and save your money is known as a .
5. interest means you earn interest not only on your initial deposit but also on the accumulated interest.
6. Explain the difference between simple interest and compound interest.
7. It is generally recommended to save at least 10-15% of your income.
True
False
8. An emergency fund should ideally cover 3-6 months of living expenses.
True
False
9. Sarah deposits $500 into a savings account that earns 2% simple annual interest. How much interest will she earn after 3 years?
10. David wants to save $1,200 for a new laptop. If he saves $50 each month, how many months will it take him to reach his goal?
Use the words below to complete the sentences.
11. Creating a helps you track your income and expenses.
12. Saving for a down payment on a car or college tuition are examples of setting .
13. An is money set aside for unexpected expenses like medical bills or job loss.
14. Earning interest on your interest is the power of .