Don't Fall For It
If your account drops below zero, the bank might charge you this type of expensive fee.
What is an overdraft fee?
Unlike a credit card, this type of card pulls money directly out of your checking account the exact moment you make a purchase.
What is a debit card?
Because transactions on apps like Venmo or Cash App happen instantly, sending money to a another person is the same as handing them this physical item.
What is cash?
If you get a text alert claiming to be from your bank that provides a link to log in, you are looking at this type of text-message trick.
What is a (phishing) scam?
Making this item at home instead of hitting Starbucks every morning can save you over $1,200 a year.
What is coffee?
This balance tells you how much money you can actually spend right now, which can be lower than your total balance.
What is the Available Balance?
Getting your own apartment, money loan, or even cell phone requires a check of this 3-digit number to decide if you are a reliable borrower.
What is a credit score?
Unlike funds in a physical bank account, money left sitting inside a payment app's peer-to-peer wallet is usually missing this government-backed insurance protection.
What is FDIC insurance?
This is the most common place where young adults encounter fake online retail stores that look real, steal your money, and never ship the clothes or shoes you ordered.
What is social media?
If you have automated monthly subscriptions to video streaming apps, music apps, or a gym you never go to, doing this will instantly save you money.
What is canceling?
Doing this with your bank password or debit card PIN is the number one cause of "un-trackable" fraud for young adults.
What is sharing?
To avoid paying interest charges or getting into debt, you should pay this amount on your credit card statement every month.
What is the full balance?
This popular four-word payment method (often used at online retail checkouts like Klarna or Afterpay) can quietly damage your credit if you miss a single bi-weekly installment.
What is Buy Now, Pay Later?
If a stranger "accidentally" sends you money on an app then contacts you to send it back, you should contact the app support team because the original money probably came from here.
What is a stolen account?
Creating one of these plan outlines for your monthly income and expenses will help you manage your finances in a responsible way.
What is a budget?