Banking 101
What's needed to open an account
ID, SSN & initial deposit
What can u do to make savings easier & more consistent
Automatic transfer
What is the credit score range
300-850
Give an example of the 2 types of student loans
Federal & Private
How much life insurance do they suggest you get
10-12x annual income
Banking Account Types
Checking, Savings, Prepaid Cards & Mobile banking
How many months of living expenses do they suggest having
3-6 months
What is on a credit report
When is your student loan forgiven
20-25 years
Who can help with tax returns
Vita
Types of Banks
Traditional, Credit Unions, Online Banking, Community Banks
Emergency funds act as a ....
safety net for things like medical emergencies, car repairs or job loss
What 2 categories make up 65% of your score
Credit history and amount owed
If you pause payments temporarily ...
Interest still accrues
How to create a strong password
at least 12 characters long, avoid person information, unique, 2 factor authentication
What to consider when choosing bank products
Fees, Access & Account Fees
What's the importance of budgeting
Helps you track where your $ is going
Allows you to prioritize expenses
Stay within your budget
Aware of your spending habits
What are some strategies to build your credit
On time payments, balance under 30%, become an authorized user, & monitor your credit regularly
What's a con if you refinance or consolidate
Loss of federal perks and protection
What are ways we can secure our information
Anti-virus software
VPN
Avoid phishing
Freeze credit report
Key Terms of Banking
Min bal, monthly maintenance fee, direct deposit, overdraft fee, ATM fee, wire transfer fee, ACH transfer, Linking accounts, bank statements
4 key areas of tracking expenses
Collect & organize your expenses
Categorize your expenses
Examine past data for future expenses
Regular vs. Irregular
How to reduce debt
Pay more than the minimum payment
Avoid impulse buying
List all debts by amount & interest rates
Pay extra money
Debt consolidation loan
How do you avoid default
Prioritize your loan, contact servicer if struggling, explore hardship options
Resources to protect yourself
FTC
Identity theft protection services
Credit freezes and fraud alerts