Saving
What is a savings account?
A type of bank account where you can store money and earn interest on your balance.
What is a checking account?
This type of account is used for everyday spending and paying bills.
What is an emergency fund?
This is what you call money set aside to cover unexpected expenses like car repairs or medical bills.
What is a debit card?
The plastic card that pulls money directly from your checking account when you shop.
What is compound interest?
When your money earns interest, and then that interest also earns interest.
Tracking what you spend each month is called keeping a what?
Budget
What is a special or goal-based savings account?
Desert Financial members can set up this type of savings account to automatically set aside funds for a specific goal, like a vacation or holiday shopping.
What is an impulse purchase?
Buying something you don’t need just because you want it right now is called this type of purchase.
A good way to make saving automatic is to set up this from your paycheck.
Direct Deposit
This term describes what you give up when you choose one option over another.
Opportunity Cost