Budget Basics
Name one of the ways to track spending.
What are receipts, bank/credit card statements, spending journals, and/or and envelope system?
This number represents your credit worthiness.
What is a credit score?
This is the cost of borrowing money, usually expressed as a percentage.
What is interest?
This is a common mistake where you spend more than you can repay.
What is overspending?
This on campus resource helps you understand your financial aid.
What is the Financial Aid Office?
This budgeting category should be prioritized above everything else.
What are basic needs?
This is the recommended credit utilization percentage.
What is below 30%?
Paying only this increases long-term debt cost.
What is minimum payment?
This financial aid policy requires students to maintain academic progress in order to keep receiving aid.
What is Satisfactory Academic Progress (SAP)?
This tool helps prevent you from missing payments.
What is autopay?
Before creating a budget, these are the three things you need to know.
What are goals, income, and expenses?
This agency compiles your credit history into reports.
What is a credit bureau?
Higher interest rates mean this for your debt.
What is more expensive / longer payoff?
Co-signing means you are this.
What is responsible for the debt?
This tool helps you plan spending and saving.
What is a budget (through excel)?
This is the recommended amount for an emergency fund for a typical college student.
What is $500?
Name three of the five things that affect your credit score.
What are payment history, amount owed (credit utilization), length of credit, types of credit, and new credit (hard inquiries)?
Ignoring Debt can lead to this legal action.
What is collections / lawsuits?
This common tactic can save you lots of money.
What is asking for a (student) discount?
This tool helps you check for errors affecting your credit.
What is a credit report?
This is the average amount a typical El Paso college student earns on a paycheck*.
What is $369?
This type of credit check often lowers your score slightly.
What is a hard inquiry?
This type of interest grows on interest.
What is compound interest?
There are nine common credit card fees. Name any of them.
What are annual fees, processing fees, interest charges, late payment fee, foreign transaction fee, balance transfer fee, cash advance fee, over the limit fee, or returned payment fee?
This type of card helps people with no or bad credit build credit.
What is a secured credit card?