SPEND
A tool or plan that helps you divide your money between savings, spending, and future goals is called a __________.
What is a budget?
This type of income is earned through direct employment, where an individual receives a pay-check in exchange for their work.
What is a salary?
This term refers to the extra money that borrowers must pay on top of the original amount borrowed, typically expressed as a percentage.
What is interest?
A single-use code to verify your identity online.
What is an OTP (One-Time Password)?
This type of investment involves buying a small share of ownership in a company and can provide dividends over time.
What is a stock?
Tool used to track every JOD spent.
What is an expense tracker?
The income left after taxes and deductions.
What is net income?
This is the process of borrowing money from a bank or financial institution to purchase a home, and it typically involves monthly payments over 15 to 30 years.
What is a mortgage?
This type of protection helps guard you against financial losses from events like accidents, illness, or property damage.
What is insurance?
This term refers to the potential for an investment’s value to decrease, or the chance that you could lose some or all of your initial investment.
What is risk?
This is the term for the rise in the general price level of goods and services over time, which reduces the purchasing power of money.
What is inflation?
This type of work involves earning money by offering specialized services, often on a temporary or project-by-project basis, without a long-term employer relationship.
What is freelancing?
A borrower with a high number in this score range is more likely to receive loans with favorable terms, such as lower interest rates.
What is a credit score?
This type of savings or account is meant to help cover unexpected expenses or emergencies, offering financial protection in times of need.
What is an emergency fund?
This type of investment is a loan you give to a government or corporation in exchange for regular interest payments.
What is a bond?
Buying in larger quantities to save money.
What is bulk buying?
A budget that can change with your income and expenses.
What is a flexible budget?
This three-digit number on the back of your credit card is used to verify transactions and protect against fraud.
What is the CVV (Card Verification Value)?
This type of insurance provides coverage for damage to or loss of your assets, such as your home, car, or personal belongings, often due to unexpected events like theft, fire, or natural disasters.
What is property insurance?
This is the process of growing your investments over time by reinvesting the profits or interest earned.
What is compound interest?
A smart way to balance your spending and saving is to apply this rule, where you save a percentage of your income before spending.
What is the 50/30/20 rule?
This is the term for money earned from an investment, such as interest from a bank account or dividends from stocks.
What is passive income?
This type of loan is backed by collateral, such as a home or car, which the lender can take possession of if the borrower fails to repay.
What is a secured loan?
This management practice involves using strong and unique passcodes for each of your online accounts to prevent unauthorized access and safeguard personal information.
What is password management?
This is the term for spreading your investments across a variety of asset types to minimize risk.
What is diversification?