Banking 101
What is a checkings account?
A 3-digit number that predicts the likelihood of paying back your loans on time.
What is a credit score?
A cost that stays the same each month.
What is a fixed expense?
This happens when you do not pay a bill on time.
What are late fees/penalties?
Extra charges that are not clearly shown up front.
What are hidden fees?
A bank account to store money, which can earn interest.
What is a savings account?
This type of card can be used to purchase items, and the money will be taken directly out of your checking account.
What is a debit card?
The percentage of money that should be allotted to wants when following the 50/30/20 rule.
What is 30%?
The average cost of utilities per month.
What is $400-$600?
Buying something without planning or thinking it through.
What is impulse buying?
An employer-sponsored retirement savings plan that lets you invest a portion of each paycheck before taxes are deducted.
What is a 401k?
The amount you pay back on top of what you borrow if not paid on time.
What are interest rates?
What is a deficit?
Recurring costs to continue using a service.
What are subscriptions?
Ways to avoid impulse purchasing.
What is waiting 24 hours to decide, making a list, setting a budget, making a pros and cons list, etc.?