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Name Date Strategy Focus: Solve a Simpler Problem Homework Unit 2 Lesson 6 Solve each problem. Show your work. 1. Sam is saving pennies. The first day, he saves 1 penny. The next day, he saves 2 pennies.
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How to fill out Sam is saving pennies:

01
Start by creating a budget: Write down all of Sam's income and expenses in order to determine how much money can be saved each month. This will help Sam track where the money is going and identify areas to cut back on expenses.
02
Set savings goals: Determine how much Sam wants to save each month and set specific goals. It could be saving for a vacation, a down payment on a house, or an emergency fund. Having clear goals will help Sam stay motivated and focused on saving.
03
Track expenses: Encourage Sam to keep track of all expenses, big and small. This could be done through a budgeting app, spreadsheet, or a simple pen and paper. By recording expenses, Sam can identify areas where money is being wasted and make necessary adjustments.
04
Reduce unnecessary spending: Take a close look at Sam's expenses and identify any discretionary spending that can be cut back. This may include eating out less often, cutting cable or streaming services, or limiting shopping trips. Small changes can add up to significant savings over time.
05
Automate savings: Help Sam set up automatic transfers from their checking account to a separate savings account. This way, a portion of Sam's income is automatically saved without the temptation to spend it. It's a great way to make saving a priority and ensure consistency.

Who needs Sam is saving pennies?

01
Anyone looking to improve their financial situation: Saving money is beneficial for everyone. Whether someone wants to build an emergency fund, pay off debts, or achieve specific financial goals, learning how to save effectively is essential.
02
Individuals with limited income: Saving money on a tight budget can be challenging, but it's not impossible. Sam is saving pennies can provide practical tips and strategies to help people maximize their savings, regardless of their income level.
03
Young adults just starting to manage their finances: Learning to save money early in life sets a strong foundation for future financial success. Sam is saving pennies can guide young adults on how to establish good financial habits, make wise spending decisions, and prioritize saving for their future.
04
Individuals with spending habits they want to change: For those who struggle with impulsive or excessive spending, Sam is saving pennies can provide guidance on how to curb those habits and save money instead. By following the advice and tips provided, individuals can break free from harmful spending patterns and achieve their savings goals.
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Sam is saving pennies to build up his savings for the future.
Sam himself is required to file his saving pennies.
To fill out Sam is saving pennies, Sam needs to track his penny savings and report the total amount saved.
The purpose of Sam saving pennies is to establish a savings habit and accumulate funds over time.
Sam needs to report the total amount of pennies saved and any additional information related to the savings process.
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