Budgeting
This is a plan for how you will spend and save your money
What is a budget?
This account is commonly used for everyday spending.
What is a checking account?
Borrowing money with the promise to repay it later is called this.
What is credit?
Money set aside for unexpected expenses is called this.
What is an emergency fund?
Buying part ownership in a company means purchasing this
What is stock?
Money left after you subtract expenses from income.
What is savings?
This account usually earns you interest on your money.
What is a savings account?
Paying this bill on time helps build a good credit history.
What is a credit card bill?
The FDIC insures this amount in savings accounts.
What is $250,000?
A collection of many investiments bundled together.
What is a mutual fund?
This type of expense usually stays the same each month like rent.
This machine allows you to withdraw cash without visiting a teller.
What is an ATM?
This three-digit number reflects your creditworthiness.
What is a credit score?
Saving a little money every month demonstrates this financial habit.
What is consistency?
What is growing wealth over time?
Groceries and entertainment are examples of this time of expense.
What are variable expenses?
This is the record of all the deposits and withdrawals in your account.
What is a bank statement?
This type of debt often has one of the highest interest rates.
What is credit card debt?
Buying something immediately instead of saving first is the opposite of this.
What is delayed gratification?
This describes the possibility that an investment and previous earnings is called this.
What is risk?
A common budgeting guideline suggests spending 50% on needs, 30% on wants and this percentage on savings.
What is 20%?
Money earned by keeping funds in a savings account.
What is interest?
The amount a lender charges you for borrowing money.
What is interest?
Financial experts often recommend saving this many months of essential expenses for emergencies.
What is 3-6 months?
Earning returns on both your original investments and previous earnings is called this.
What is compound interest?