Spending Plan
Creating this is critical to be
in control of your spending.
What is Spending Plan?
One of the factors people use
when choosing a financial
institution (bank, credit union).
What is location, convenience,
rates, or fees?
The number assigned to a person to help financial institutions determine the level of risk associated with lending money to individuals.
What is credit score?
This is the number one cause of debt.
What is a credit card?
Poor financial decisions, credit card debt, and catastrophic circumstances hinder people from doing this.
What is saving?
If you are among the many who receive a refund at tax time, then you are essentially doing this for the government.
What is providing the government with an interest free loan?
One of two types of expenses.
What is fixed or variable (flexible)
expenses?
One of the factors people use
when choosing a financial
institution (bank, credit union).
What is location, convenience,
rates, or fees?
The best way to protect your credit rating
What is pay your bills on time?
The best way to reduce your credit card debt.
What is pay more than the minimum required?
Financial experts recommend that you build an emergency fund that covers this many month’s worth of expenses.
What is 3 to 6 months?
This important coverage is an excellent way to protect yourself against unexpected illness that prevent you from working (for a limited time).
What is short-term disability insurance?
Examples of this type of expense
include mortgage/rent, insurance,
real estate taxes, and vehicle
registration.
What are fixed expenses?
Name two services a person
can use a financial institution
(bank, credit union).
What are Checking,
Savings, or Loans?
These are two of the three major credit reporting agencies.
What is TransUnion, Experian, Equifax
This is the average annual percentage rate (APR) charged on credit cards.
What is 28.65%?
What percentage of Americans do not have at least three months of emergency expenses saved.
What is 51%?
Assets minus liabilities (debts)
equal this.
What is financial Net Worth?
This is something that every
spending plan should have.
What are goals?
A popular way to pay bills using technology to replace the need to physically write out a check.
What is Bill Pay (online checking)?
FICO scores can range between these two numbers (within 100 points)
What is 300 - 850?
What dollar amount has the American’s credit card debt reached in 2023 according to the Federal Reserve Bank.
What is $1.7 trillion?
The best time to begin saving for retirement.
What is as soon as possible?
These are three tips that can increase your likelihood of a better financial position in retirement.
What is start saving earlier, save more, & work longer?
Every spending plan
should be...
What is realistic?
Your bank card can complete which type of transaction that takes money out of your checking account.
What is a debit card?
This percentage of consumers have an error on their credit report.
What is 20% (1 in 5)?
Preferably, the only types of purchases that should be financed are.
What is large purchases (such as a house or car or higher education)?
A savings instrument which typically earns more interest than a savings account but is bound by limits set within a contract.
What is a Certificate of Deposit (CD)?
This is a product used by depositing money to a company up front as a source of credit that can be used and paid off each month to help people build their financial credibility. Upon canceling the account the depositor typically receives their funds back in full.
What is pre-paid credit card?