Budgeting
What is Budgeting?
A plan for spending. Planning specific amounts you can spend on categories. You can make a calendar, a journal, or a spreadsheet to track your spending.
What is Interest?
What is the cost of borrowing money, typically a percentage added to the principle.
What is the range your credit report can be?
300-850
What is a need?
What is something you need in order to survive.
A card used to deduct money from your checking account.
What is a debit card?
What is Income?
Money from a job.
What is the principle on a loan?
What is the amount of money you borrowed from a lender.
A loan from a financial institution, used to purchase goods or services, but money must be paid back. There is a minimum monthly payment, or you can pay off the balance. What is this called?
What is a credit card?
What is a want?
What is something a person would like to have.
An account where you can store your money you plan on spending later, for a big purchase in case of emergency's is what?
What is a Savings Account
What is a Fixed Expense?
An expense that does not change when handling your finances, for example (College room and board, campus housing, car payment and insurance, Health Insurance).
What is the monthly payment made of?
The principle and the interest amounts added together to make the amount owed for a 30-day period.
How many Credit Bureaus are there?
3
(Equifax, Experian, Transunion)
Paying your Utilities
What is a need.
What is the account where you can earn interest like a savings account and have a debit card?
Money Market Account
What is a variable expense?
What is money spent on things that the cost changes month to month.
A loan has interest rates and fees that are determined by the lender and depend on your _________.
Credit Score
-How much you owe - Payment History - How often you apply for credit - Any negative information on public record - Inquiries financial Intuitions make about you - All these make up what?
What is a credit report?
House
What is a need
What is an individual retirement account called?
IRA
What is gross income vs net income?
Income that has no deductions vs income that the deductions have been taken out?
Financial Institutions are __________ so they evaluate your credit score to determine the interest you will pay on a loan.
Risk Based
How can you check your credit?
Credit Karma or your Banking App
Upgraded Technology
What is a want.
What does CD stand for?
What is a Certificate of Deposit