Budgeting
A plan that shows how you will spend and save your income.
Answer: What is a budget?
Money set aside for unexpected expenses.
What is an emergency fund?
This three-digit number helps lenders determine how you manage borrowed money.
What is a credit score?
This type of account is usually used for everyday purchases and paying bills.
What is a checking account?
Looking at prices from several stores before buying something is called this.
What is comparison shopping?
Rent and a car payment are usually this type of expense because they stay about the same each month
What is a fixed expense?
Having money automatically moved from checking to savings is called this.
What is an automatic transfer?
Paying bills by this date helps maintain good payment history
What is the due date?
This type of account is designed to hold money you want to save.
What is a savings account?
Someone calls demanding payment by gift card and threatens you if you do not pay immediately. This is likely this.
What is a scam?
Groceries, gas, and entertainment are examples of this type of expense.
What are variable expenses?
If you save $25 a week for four weeks, you will save this much
What is $100?
The percentage of available credit you are currently using is called this.
What is credit utilization?
Spending more money than you have available in your checking account may cause this.
What is an overdraft?
Money you owe another person, company, or lender is called this.
What is debt?
You earn $2,000 and spend $1,700. This is how much money you have left.
What $300?
A savings goal should include an amount and this, such as “by December.”
What is a deadline or target date?
This document lists your credit accounts and payment history.
What is a credit report?
This abbreviation tells you how much interest a savings account may earn over a year.
What is APY?
The extra money you pay a lender for borrowing money.
What is interest?
In this budgeting method, every dollar you earn is assigned a purpose.
What is zero-based budgeting?
One reason to build an emergency fund is to avoid using this when an unexpected expense happens.
What is credit or debt?
Applying for several loans or credit cards in a short period may create several of these on your credit report
What are hard inquiries?
Banks may charge these for overdrafts, ATM use, or account maintenance.
What are fees?
Before taking out a loan, you should compare the interest rate, fees, monthly payment, and this amount showing what you will repay altogether.
What is the total cost of the loan?