Adulting 101
This is the simple plan that tells your money where to go each month so you don't wonder where it went.
What is a budget
This is common belief says you shouldn't start saving money until you have a "real" full-time job or are "old enough".
What is "you're too young to save"
What is a credit score? Bonus: Why is it important in everyday life?
A credit score is a three-digit number (usually 300-850) that lenders use to predict how likely you are to repay borrowed money, based on your credit history. It's important because it affects your ability to get approved for loans, credit cards, and even housing or insurance, and determines the interest rates you'll pay, with higher scores leading to better terms and lower costs
This is the monthly cost that includes water, trash, and maintenance, but not electricity or internet.
What is rent
Many people think that this is free money but it actually has to be paid back with interest.
What is a credit card
What is the difference between a credit card and debit card?
A debit card is using your own money while a credit card is using money that is borrowed by an issuer
This is the money you set aside first when you paid, before spending it on anything else.
What are savings
This happens when you rely on future income to pay for things you can't afford right now.
What is lifestyle inflation/living beyond your means
What is a minimum payment and why is paying only the minimum risky?
the smallest required monthly payment on a debt, like a credit card, to keep your account in good standing and avoid late fees, usually calculated as a small percentage of your balance or a fixed dollar amount (e.g., 2-4% or $25-$35), whichever is greater. While paying it keeps you current, paying only the minimum means most of your payment goes to interest, costing you more and taking much longer to pay off the debt
This is the bill you'll likely receive every month even if you don't turn on a single light.
What are utility serive fee/basic utilities
This mistake makes small purchases way more expensive overtime because interest keeps adding up.
What is only paying the minimum balance
What does APR stand for, and why does it matter?
Annual Perentage Rate, it's important because it reveals the true, total yearly cost of a loan, not just the interest rate
This is financial cushion you should prioritize before investing or making big purchases, used fro unexpected expenses like car repairs or medical bills.
What is an emergency fund
You buy something now and promise to pay it off later in small payments often without realizing the long-term cost.
What is buy now, pay later
How does carrying a high credit utilization impact your credit score?
it signals to lenders you might be overextended, while keeping it low (ideally below 30%) shows responsible management, boosting your score