Debit
Unlike a credit card, which lets you borrow money, a debit card takes funds directly from this type of bank account.
What is a checking account?
This 2-word term describes buying items on the spot without planning ahead, often triggered by clever checkout-lane displays.
What is impulse buying.
Putting money into this type of bank account instead of spending it immediately helps you prepare for future goals or unexpected emergencies.
What is savings account?
To find the total cost of an item at the register, you must add this mandatory percentage-based fee charged by the government to the sticker price.
What is sales tax?
To complete a transaction at an ATM or register with your debit card, you usually have to enter this 4-digit security code.
What is a PIN (Personal Identification Number)?
Subscribing to multiple streaming services but only watching one of them is an example of this type of "silent" budget-killer.
What is a wasted subscription?
Housing, food, and clothes.
What is needs?
If a $60 jacket is on sale for 25% off, this is the actual dollar amount you will save before tax.
What is $15?
Many teens use mobile apps like Apple Pay or Google Pay, which allow you to store a digital version of this card right on your smartphone.
What is a debit card?
Paying only this required monthly amount on a credit card bill ensures you will be trapped paying massive amounts of interest for years.
What is minimum payment?
You limit the amount of money you spend on
What is wants?
To figure out which grocery item is the better deal, smart shoppers calculate this the cost of the item divided by its weight or volume (like ounces or grams).
What is unit price?
Unlike a credit card, using a debit card does not help you build this history, which lenders look at when you want to buy a car or a house later in life.
What is a credit score?
Doing this spending more money than you actually earn in a month is the quickest way to end up in debt or drain your savings.
What is overspending?
This financial tool is a written plan that tracks your income and expenses to ensure you don't overspend each month.
what is budget?
When borrowing money for a car or a house, this type of fee is calculated only on the original amount borrowed, using the formula $I = Prt$.
What is simple interest?
Because debit cards spend money you already have, financial advisors often recommend them over credit cards to help teens avoid falling into this cycle of owing money.
What is debt?
This type of short-term, high-interest loan targets people who need cash fast before their next paycheck, but often traps borrowers in a predatory cycle of debt.
What is payday loan?
Instead of buying something on impulse, doing this action across multiple stores or websites helps you find the item for the absolute lowest price.
What is comparison shopping?
This financial principle states that a dollar available today is worth more than a dollar received in the future due to its potential earning capacity.
What is the time value of money?