Savings
The process of setting money aside to increase wealth over time and accumulate funds for long-term financial goals such as retirement.
What is investing?
This number on a check identifies a bank or financial institution and is used to transfer money between accounts.
What is a routing number?
This term is used to describe the cost of using money that is loaned to someone.
What is interest?
An amount of money set aside to cover bills in case of emergency.
What is an emergency fund?
This shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance.
What is a bank statement?
This word is used to describe when the amount of money withdrawn from a bank account is greater than the amount actually available in the account.
What is overdraft?
A second person who signs your credit or loan application. Just like the borrower, this person is equally responsible for repaying the debt.
What is a co-signer?
Also called “take-home pay”; it’s the amount of income left after payroll deductions.
What is net income?
A card used to pay for goods and services directly from a checking account by transferring funds electronically from one’s checking account to the store’s account to pay for a purchase.
What is a debit card?
On a credit card, the length of time you have before you start accumulating interest on an unpaid balance.
The smallest amount a person is required to pay in a given month on an open-ended credit account.
What is a minimum payment?