Home / Explore / Be Budget Ready

Be Budget Ready

There's so much you can do to set yourself up for a strong financial future. In this Playlist, you work on budgeting and learn about savings tools that can help you now and far into the future.

View Details

You should only complete this Playlist if you've already earned the Payday Ready badge.

Complete all five activities. (Hint: There are videos so you may need headphones.)

Submit your work to earn the "Budget Ready" Badge.

When you earn the badge, you unlock the opportunity to compete for scholarship dollars and have a chance to win prizes. You can also share your badge on your resume and social media. When you click on the badge, it shows you what skills you practiced in this Playlist.

Content provided by the Economic Awareness Council

Share this challenge.

Badges you can earn for this challenge

BE BUDGET READY - BE BUDGET READY BADGE - mastered budgeting skills
Age: 2 - 100
1
Activity Directions

*SAVE EARLY, SAVE OFTEN

Description:

Imagine you saved $500 this summer that you put in a savings account. This $500 is called the principal. The more time you keep the principal in that account, the more it grows because it earns interest (money the bank pays you just for keeping money in the bank.) If you add money to the principal, it will grow at an increasing rate. This is called compound interest.

Check out the COMPOUND INTEREST CALCULATOR to see for yourself. Enter your initial investment of $500. Enter that you plan to contribute $20 every month on top of this, earning an annual interest rate of 1.25% compounded monthly. After saving for 10 years, how much will you have?

Complete a short quiz to show you've mastered compound interest.

Age: 0 - 100

Got it!

Here's what happens next:

Your submission has passed the assessment and you have completed this activity
Now You Can: