CSB Financial Education

Budgeting and Saving

Welcome to Cambridge Savings Bank's Financial Education Program! We'd like to learn what you

know - and what you may be unsure of when it comes to managing your money. Let's get started!

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1. Please select your group number and survey you are taking today.

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2. What is a budget?

Your bank balance online or in a check register

An estimate of income and expenses for a period of time

A plan for how you invest your money

Not sure

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3. What is a balanced budget?

Spending that sensibly balances needs and wants

Income equals expenses

Savings is part of the plan

Not sure

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4. Why bother budgeting?

It gives you more financial control, reduces your stress and helps you reach important goals

Accurate budgeting helps you compare your finances to those of your friends

Budgeting is one of the best ways to practice doing math

Not sure

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5. What are SMART goals?

Sensible, Monetary, Appropriate, Realistic, Timely

Strategic, Meaningful, Accessible, Regular, Timed

Specific, Measurable, Achievable, Relevant, Time-Bound

Not sure

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6. What is the best way to organize your goals by time range?

Today, tomorrow, next week

Short, medium, long-range

This month, next month, 2 months from now

Not sure

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7. What is meant by "Pay Yourself First"?

Buy necessities first

Buy things you want first

Build savings into your budget

Not sure

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8. What is “Zero-Based Budgeting”?

Planning for income to equal expenses

Budgeting that focuses on needs and reduces expenses on wants to zero

When you zero in on your most important expenses first

Not sure

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9. What is “Bucket Budgeting”?

Dividing your money into 3 “buckets” spending, saving, and sharing

Saving money in a separate “bucket” in this case, savings account for each expense

A way to compare your spending estimates to your actual expenses

Not sure

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10. What is “50/30/20 Budgeting”?

50% toward regular expenses, 30% toward irregular investments, 20% toward savings

50% toward needs, 30% toward wants, 20% toward savings

50% toward housing expenses, 30% toward food, 20% toward everything else

Not sure

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11. Is it a good idea to pay more than the minimum required on your credit card?

No, this makes it more likely that you will not have enough money left for your needs

Yes, because this creates more available credit and that can enable you to reborrow

Yes, it will reduce your cost of credit and get you out of debt sooner

Not sure