Budgeting
the advice for how an adult should split their budget into needs, wants, and savings
50/30/20 rule
750-850 is this kind of score
a prime credit score
a high interest rate is good when using money in this particular way.
saving
The amount of your pay BEFORE the taxes and deductions are taken out.
Gross pay
money comes directly out of your checking account when you use this card
debit card
At least 20% of your income
savings
the word that describes the amount a person borrows before fees and interest is added on
principal
the phrase Jen learned from the frog which means to set aside your savings before spending on any wants.
Pay Yourself First
the three letters of the organization that manages collection of taxes
IRS
what specific part of your budget that you will use to replace your iphone if it is stolen
emergency fund
About 50% of your adult income
needs
a low interest rate is good when using money in this way.
borrowing money
a photo id, proof of address, social security number, and money
things you need to bring to open a savings account
every person or company who earns income in the United States has to do this
What is pay taxes?
Asking if something bad will happen if I don't purchase this item.
how to determine if something is a need or a want
About 30% of your income
wants
Young adults have the highest amount of this
credit card debt
the word for taking money out of a bank account
withdraw
Surprise Bonus!
You donated to a nonprofit. That is tax deductible! You earn 400 points for your team.
The amount of money you actually get to take home after taxes are taken out.
Net pay
You should look at this part of your pay stub when you are creating your budget
Net pay
Pay in full right away
how you will manage your credit card
the word for putting money into a bank account
deposit
this is 8% of the federal government's budget, or the third biggest category of spending.
interest on debt
the most important factor that goes into your credit score
payment history