Budgeting
This is the term for a plan that helps you track income and expenses.
What is a budget?
This type of account earns interest and is used to store money for future use.
What is a savings account?
This is a number that represents your creditworthiness.
What is a credit score? BONUS: Why is having good credit important?
This is the first step to managing your money after graduation.
What is creating a budget?
This budgeting rule suggests setting up an automatic transfer to your savings account each pay period.
What is the Pay Yourself First?
This type of account typically earns higher interest but cannot touch the money for specific periods of time.
What is a Certificate (CD) or IRA account?
This type of card allows you to borrow money up to a limit and pay it back later.
What is a credit card?
BONUS: What is the recommended percentage of credit one should use?
This type of insurance helps cover medical expenses.
What is health insurance?
BONUS: What type of insurance do you need for a vehicle?
Rent, groceries, and transportation are examples of these types of expenses.
What are fixed expenses?
This is the term for money set aside for unexpected expenses.
What is an emergency fund?
This is the term for paying off your credit card balance in full each month.
What is avoiding interest or staying debt-free?
This is the term for money earned before taxes are taken out.
What is gross income?
This type of expense can change month to month, like entertainment or dining out.
What are variable expenses?
What are 3 types of investment options?
What are Stocks, Bonds, Mutual Funds?
This report shows your credit history and is used by lenders to assess risk.
What is a credit report?
This is a common expense for students living away from home.
What is rent or housing?
What are three examples each of wants vs needs?
Examples: Eating Out vs Taking Lunch, Bed, Gaming Systems, TV, Shoes, Toys, School Supplies, Cars, etc
This type of savings goal might include buying a car or going on vacation.
What is a short-term savings goal?
What are some good habits to build credit?
Things you can do that may help build your credit:
-Pay all bills on time. Make at least the minimum payment due.
-Use credit responsibly over time. Demonstrate a pattern of consistent re-payment of any loans, including credit cards.
-Keep credit card balances at or below 30% of the available limit.
This government form helps determine how much tax is withheld from your paycheck.
What is a W-4 form?