Families TodayChapter 23: Manage Your MoneyChapter Summaries with Key Terms and Academic VocabularyChapter SummarySection 23.1 Use Your Money Wisely People tend to be present oriented or future oriented in their approach to spending. A checking account is a way to hold money safely in a financial institution until you need it. Money can be transferred by writing a check. It can also be moved electronically through ATMs, debit cards, or online banking. Credit is paying interest to use someone else's money. Insurance helps protect against financial losses. Savings are needed for emergencies. Investments involve buying an asset, such as stock, a mutual fund, or real estate. Section 23.2 Make a Financial Plan One of the best tools for managing money is a financial plan. Goals, values, and priorities need to be considered when making a financial plan. Income should be estimated. A record of expenses is made. Then spending is analyzed. The plan is developed by setting amounts for the categories of spending. The plan should be evaluated to see how well it is working. Family financial plans are more complex because there are more people involved. The stage of development a family is in affects how it plans and manages money. Content and Academic Vocabulary
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