Finance
What is a savings account?
A bank account that lets you save money for long-term goals.
What is a MUST HAVE when living on your own?
A JOB!
What should you do to keep a clean space?
Clean up after yourself and your guests/visitors?
What is an identifying document (ID)? Provide examples.
An official document that verifies a person's identity. Examples include driver's licenses, passports, and state-issued ID cards.
What is rent?
Contracted amount paid monthly for a rental unit
What is a debit card?
A card that takes money directly from your bank account. Typically used to buy goods or services and to withdraw cash from an ATM.
When should you pay a bill?
Before the due date.
You notice your visitor takes one of your roommate's food items and eats it, what should you do?
Communicate situation with your roommate and replace the item.
What is the difference between Need vs. Want?
Needs- things that are essential for survival
Wants- things that are not essential but would be nice to have.
What are the upfront costs when renting an apartment?
Deposit (Usually same amount as rent)
1st Month's Rent
What is a credit card?
A credit card is a card that lets you buy things and pay for them later, with interest. It's like a loan from a bank that you can use to make purchases.
To avoid paying interest, you must pay the total statement balance owed prior to the due date.
What are forms of transportation you can utilize in Merced?
Walk, Car, Bus, Uber, Lyft, Taxi, Bike, Scooter, Friends and Family.
What is needed to be in a successful roommate situation?
Set boundaries, communicate clear expectations, and respect each other's space and privacy.
What is the best way to plan for the future?
Set realistic and attainable short- and long-term goals.
What is the average rent for a studio unit in Merced?
The average rental is $1,100
What is an Emergency Fund?
Money you save for things you don't expect to happen.
What bills are you responsible for on a monthly basis when living on your own?
PG&E (electricity and gas), cell phone, internet, water/sewer/garbage (if not included in rent)
What is the best way to complete household duties?
Household duties should be divided equally between roommates.
What is a reference and who can be a reference?
A person who can speak about your skills, work ethic, and attitude.
Supervisor, social worker, coworkers, any person who has worked closely with you.
What is a maintenance request/work order?
It is a formal request for repairs or attention to a problem in your rental.
What is financial management?
Financial management is the practice of managing your finances to achieve your goals. It involves planning, organizing, and controlling financial resources
What strengths are needed to live independent?
Time management, Health, Social Skills, Hygiene, Meal prep/cooking
What does shared utilities mean?
Roommates split the bills 50/50
What is a credit score and what score is considered as good credit?
A number that estimates how likely you are to repay debt; it's used by lenders to decide whether to give you credit. Credit scores are usually between 300 and 850.
670-739 Good Credit. (Experian)
What do you typically need to apply for a rental property
A valid photo ID, SS#, proof of income (paystubs), a rental application, previous landlord references, a credit check, and renter's insurance, depending on the lease agreement.