a bank account with $ to be saved
savings account
the least amount of money you need to have in the account to avoid a monthly fee
minimum balance
takes under one year to achieve
Example: saving money to move out on your own
short-term financial goal
to remove money from a bank account
withdraw (debit)
What is written in the top right corner of the check?
the date
$ you receive from different sources
income
allows you to withdraw money from your bank account
ATM card
-for when a major disruption occurs in your income like the loss of a job
-3-6 times the amount of your monthly expenses
Emergency Saving Fund
to put money in a bank account
deposit (credit)
What is typed on the top left side of a check?
your name and address
amount of $ that is spent on something
expenditures
allows you to make online and in store purchases and make withdraws (taking $ out) and deposits (putting $ in) into your bank account(s)
debit card
will take 5+ years to achieve
Examples: saving for retirement or buying a home
Long-term financial goal
when money is passed from one person or account to another
transaction
What goes on the bottom right side of a check?
Your signature
an account with a bank that allows the holder to make deposits (put $ in) and withdrawals (take $ out)
checking account
a piece of paper that is used to make a payment to someone using the money in a bank account
check
money that's set aside for unexpected and lower-cost expenses
Examples: car maintenance, medical expenses
rainy day fund
direct deposit
What goes on the long line in the middle of the check?
written out amount of the check ($140.00- one hundred forty)
the amount of money in a bank account
balance
when money in your account is less than what you are trying to spend (usually will be charged a fee)
insufficient funds
takes 1-3 years to achieve
Examples: college
Mid-term financial goals
to write your name on the back of (a check) that is written to you
to endorse
What two set of numbers are printed on the bottom left side of a check?
routing number and your account number