Definition
this can vary each month in the amount owed and are not contractual
What is a flexible expense?
may have a fixed amount due each month and are contractual
what is a fixed expenses
the amount of money that is either gained or lost when accessing services offered by a depository institution
what is Interest
online banking con
Not as personal, not able to access without technology, decrease in safety features, Increase in risk for fraud
benefits of have a savings account?
what is saving money, you get interest over time
The action of spending funds
What is an expenditure?
Total amount of money earned during a pay period
(salary or hourly wage x hours worked)
What is gross income?
Commercial Banks are is Usually the _____ of the depository institutions
the largest of the depository institutions
Save money on postage, saves time for the consumer, Bills are paid on time
Advantages of recurring payment include
cons of have a savings account?
limited in terms of withdrawal amounts and it requires a minimum balance, low interest.
When a depository institution offers quick and easy withdraw for cash
What is a liquid asset?
five steps to a spending plan
Track current income and expenses ,Create personalized income and expense categories, Allocate money to each category, Implement and Control, Evaluate and Make Adjustments
Credit Unions are ___ cooperative depository institution
What type of bank is Non-profit cooperative depository institution
Not as personal, not able to access without technology, decrease in safety features, Increase in risk for fraud
Online banking cons
6 to 9 months
how many months of work should you have in your savings account?
this savings tool has the lowest liquidity but has the highest interest and is only used for a fixed amount of time
what is CD?
30% of your paycheck goes where
What is the percent of housing is in your spending plan?
300 to 800 range means what in credit
What is the Fifo credit score range
Online banking pros
Decreased cost of paper and postage, storing all statements online instead of keeping a paper copy, Convenience, paying bills online, Ability to access account anytime, No waiting for a monthly statement
$25 to $100,000 money needed to open an ____ account
how much money do you need to open a Money Market account?
secure and liquid accounts offered by depository institutions assisting in the management of a savings fund
What is a spending tool?
interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property are protected when you have
What is homeowners insurance protection?
Allows access to the account from an app, Service by the bank or financial institution that allows customers to conduct financial transactions remotely using a mobile device
what is Mobile banking benefits
What type of personal information do you not send over email
What type of information do you not send over email- Social security numbers, Bank account numbers, PIN numbers?
20% of your paycheck goes here
How much of your paycheck should go towards saving?