Online Banking
What is direct deposit
What is having your paychecks get sent directly to your checking or savings account right away on payday.
What is the recommended percentage of your paycheck that should be saved?
What is 20%
What are 3 examples of flexible expenses.
What is Fast Food, newest iPhone, starbucks, etc.
What is a checking account?
What is A spending account, connected to personal checks and a debit card.
What is the purpose of a Bank Statement
What is being able to see what is going in and out of your account in the past month.
How frequently do you get a bank statement?
What is Every Month
What are 3 ways you can get money into a savings account (not the same as checking)
What is Direct Deposit, Check deposit, transfer of funds, go to the bank
What are 3 examples of fixed expenses.
What is Groceries, housing, utilities, some clothes, etc.
List 3 ways you can get money out of a checking account
What is Direct Deposit, ATM, Debit card, transfer to another account or person, check
The different between net income and gross income...
What is, gross income is before taxes and net income is after taxes
What are benefits to direct deposit?
What is convenience, easy access, safe and secure option.
What are some reasons people save their money?
Which budget is when you put money into savings/investment accounts first?
What is reverse budgeting or pay yourself first.
What are 3 reasons to open a checking account?
What is...
Easy access to money, Withdrawal cash from an ATM, Online Purchases, Debit Card, Easy to pay bills
Rule of Thumb: How much of your gross salary should be dedicated to housing essentials and bills.
What is 50%
What are some features/benefits that online banking has for people who use it?
What is easy access to bills, easy to check account balance, transferring money to another account or person.
What is the difference between Savings and Investing?
What is Risk. Savings has low risk where investing has higher risk and chance for higher return.
What is a "pay yourself first" Budget?
What is paying your personal savings and investments first. Usually around 20% is recommended by experts.
Define Bouncing a Check.
What is Not having enough money in your checking account to cover the amount of a check when the person you made it out to tries to deposit it.
What is an overdraft fee?
What is a fee the bank charges you if you do not have enough money in your account to cover an expense.
What are 3 different reoccurring monthly payments you would want to set up online bill pay for?
What is housing utilities, mortgage/rent, car payments,
How can you make your money grow?
What is earning interest and leaving it in an account for a long period of time.
What are the 3 components (with the correct percentage) of the 50/30/20 Rule
What is 50% Fixed Expenses (bills), 20% Savings and 30% Fun
What is an Interest-Bearing Checking Account?
What is earning interest on the money in the account.
What is a misjudgment about Overdraft Protection?
What is it does not cover overdraft fees, instead you get fee'd from the bank for the service to ensure your transaction goes through, even if you do not have sufficient funds.