Credit
What is a Credit Card?
A credit card is a loan that allows you to buy things now and pay for them later.
What is the safest place to save money?
Bank, Credit Union
What is a Checking Account?
A Checking Account is a type of account that you put your money for daily use. A bank or Credit Union gives you a debit card to use when you open one.
What is Money?
Money is something that we use to buy things and trade for goods and services. It's a tool that helps us exchange what we have for what we want or need.
What does Fraud mean?
A crime intended to deceive others, usually for financial or personal gain.
What is a Loan?
A Loan is borrowing money now with the promise of paying it back later. Usually with interest.
Why is it important to save money?
For larger purchases, emergencies, college, and any other things you might need in the future.
How can you deposit money into your checking account?
By going to a bank or credit union to deposit money into your account or by setting up a direct deposit from your job.
What is the difference between needs & wants?
Needs are things that we must have to live and be safe and healthy. They are essential for our well-being and survival.
Wants are things that we would like to have, but they are not necessary for our basic needs and survival. They are things that make life more enjoyable and fun.
Why should you keep your money in a Bank?
Safer than a piggy bank, you can earn Interest, and build it up.
What is Interest on a loan?
Interest is the price you pay to borrow money.
What is a Savings Account?
An account you use to build up money for the future.
What is a Debit Card?
Is a special card that lets you use your money that you have in your checking account to buy things with.
What are two forms of Currency?
Coins, Bills, Gold, Gift Cards, Debit Cards, Electronic.
Why is it important to be careful online?
Hackers and Scammers and Phishers can gain your personal and account information online through unsafe websites.
What are two types of Loans?
Credit Card, Auto Loan, Home Loan, Personal Loans, Student Loans, Business Loans.
How can you save now?
Save money you get from birthdays, holidays, chores, yard sales, and allowances.
How do you open a checking account?
Talk to your parent or guardian about opening one. Go to the bank or credit union and they will help you open one on the spot. Or open one online.
How can you help your family save money?
Turning off the lights when leaving a room. Try not to waste your food. Offer to help cook meals at home. Don't leave the water running.
What are two different types of Fraud?
Credit Card Scams, Online Scams, Identity Theft, counterfeit bills, fake checks.
What is a Credit Score?
Is a special number that shows how well you handle your money and how trustworthy you are when it comes to borrowing or buying things on credit.
How much should you put into savings every month?
A good amount at your age would be 10%. So if you get $10 then you put $1 into savings.
What do you do when you lose your debit card?
You can call the bank or credit union to shut it off so no one can use it. Then go to your bank or credit union and they can print a new one for you.
What does it mean to budget your money?
To make a plan on how to save or spend your money.
Where should you be careful about Phishing?
Online, Social Media, Email, Text Messages.