Personal Finance
Vocab
Vocab
Money that needs to be repaid by the borrower
Loan
Making financial transactions on a mobile device. This allows you to bank in your pjs and not have to go to the band/credit union
Mobile Banking
These are limited per month from a savings account
Withdrawls
You receive checks with this type of account
Checking Account
Money you have coming in. It could be from a job or gifts
Income
Money You Own
Debt
These institutions can have many locations, offer a wider variety of services, and usually have stricter financial guidelines
Banks
The act of putting money into the bank
Deposit
This is required on the bottom right of all checks!! No printing!!
Signature
Money you are spending. This is money you have going out
Expense
When you don't have money to pay your debt. This is a legal process to forgive your debt. Negative on Credit Report for 7 years.
Bankruptcy
These institutions are fewer in number and only allow certain groups of people to bank with them. However, they offer more flexibility
Credit Unions
You can earn interest on this type of account
Savings Account
What the dollar amount in the box (in numbers) and the dollar amount written out must do
Match
When your income is higher than your expenses you have this
Profit
Your total amount of income from wages before any deductions
Gross Income
Banks/Credit Unions make sure your money is safe in case of fires, theft, the economy, etc. because they have this
Insurance
When you have a Checking Account they give you one of these to use at the ATM and when making in store and online purchases
Debit Card
What you call checks that have a number under 100
Starter
When your income is lower than your expenses you have this
Loss
Your total amount of income from wages after any deductions - what you actually bring home
Net Income
These are three examples of place you could bank in WNY
Bank of America, Citizens Bank, Evans Bank, M and T Bank, Key Bank, Northwest, Meridia Credit Union
Make sure to bring your license(picture id), social security card, and birth certificate, and a parent(if under 18) when trying to do this at a bank
Be very careful with your checks. Don't be like Mr. Errington and put them in the mailbox. We don't want to have to worry about this
Fraud/Stolen
Creating a monthly budget helps you to do this
Manage your money