Savings
What do you call the current amount of money in your bank account?
What is a balance?
These are essential items you must pay for to live, such as food, shelter, and basic clothing.
What are Needs?
This is a common tool people use to build credit while buying things.
What is a credit card?
What is the highest credit score you can have?
900
Banks charge this fee when you spend more money than you have in your account.
What is an overdraft fee?
Sometimes unexpected things happen, like your phone breaks or you have a surprise bill. What do you call the money you set aside ahead of time for these situations?
What is an emergency fund?
These are items you desire but can live without, such as video games, concert tickets, or expensive coffee.
What are Wants?
This is the smallest amount you are required to pay on a credit card each month.
What is the minimum payment?
Who can get access to your credit report with permission?
Lenders, Landlords, Insurance Companies
and Employers.
Paying your bills on time helps improve this number
What is building your credit score?
You want to make sure your money grows faster than just keeping it at home. You put it in a bank so it earns extra over time. What is this extra growth called?
What is interest?
This is a plan for how you will spend and save your money each month.
What is a budget?
Using a large portion of your credit limit can lower this.
What is a credit score?
What are the 2 main Credit Bureaus in Canada?
Transunion and Equifax.
This is a common feeling many adults have when they worry about money.
What is financial stress?
Experts suggest saving enough money so you could still pay your bills if you lost income. About how many months of expenses should you try to save?
What is 3–6 months of expenses?
This is the term for an item you might want, but that has a high cost that could jeopardize your ability to pay for needs.
What is a Luxury Item?
This is money you owe after using credit.
What is debt?
What should I do if I find an error on your credit report?
Find documents to prove error, make a copy of proof, call the credit bureau and explain, send a letter or a dispute form in order to dispute error.
Putting money into investments regularly over time helps build this kind of long-term wealth for future generations.
What is generational wealth?
You decide to always put some of your money aside before spending anything else. This helps your money grow over time. What is this savings strategy called?
What is “pay yourself first”?
When you spend more money than you have in your account, you may be charged this fee by the bank.
What is an overdraft fee?
Paying your balance in full each month helps you avoid this.
What is interest?
What is R9 rating on a credit report?
Bad Debt or placed for collection or bankruptcy.
This type of bank is owned by its members and often has lower fees and better interest rates, but you have to qualify to join
What is a credit union?