Basics
A record of typical expenses that serves as a monthly plan for your money.
What is a budget?
The term used for a 3 digit number that is meant to indicate how likely a borrower is to repay a loan.
What is a credit score?
Most financial institutions' most basic account type, intended for you to accumulate your money.
What is a savings account?
The financial account type consumers use most often to conduct daily life.
What is a checking account?
The card that provides a "loan" (up to a specified limit) upon swiping it for which payment comes due sometime in the following ~4 weeks.
What is a credit card?
Many financial experts recommend that you save what percentage of your income?
What is 10%?
The card that allows you to access the money in your account at grocery stores, gas stations, online vendors, etc.
What is a debit card?
A recording of all aspects of your borrowing relationships which informs your score.
What is a credit report?
Many financial experts believe you should have how many months worth of income in an emergency savings fund?
What is 3 - 6 months?
The online platform that allows you to check your account balances, make transfers, freeze a lost card, and more.
What is online banking/home banking/mobile banking?
What a lender collects from you; how they benefit from loaning you money.
What is interest?
Most savings goals can be separated into these time-based categories.
What is short-term, mid-term, and long-term?
A not-for-profit financial cooperative, democratically run by its Member-Owners (aka "customers").
What is a credit union?
These are the 3 main credit bureaus.
What are TransUnion, Equifax, and Experian?
When in an interest-bearing account, these are the 2 components that can most impact your deposit balances.
What are time and APY?