Conditionals
If she saves money every month, she build an emergency fund.
If she saves money every month, she builds an emergency fund.
This type of bank account is best for everyday spending, paying bills, and receiving your paycheck.
Checking Account
This type of savings account typically offers a much higher interest rate than a traditional savings account and is great for people who want their money to grow without locking it away.
HYSA
This type of credit card requires a cash deposit that becomes your credit limit.
Secure Credit Card
This document, checked regularly, shows your full borrowing history and helps you catch errors or signs of identity theft.
Credit Report
If you don't pays your credit card bill, you will get charged interest.
If you don't pay your credit card bill, you will get charged interest.
This is when you take physical cash out of your bank account at a machine or bank teller.
Cash Withdrawal
This type of savings needs you to lock in your money for a specific period of time (such as 3 months, 6 months or a year)
Certificate of Deposit
This is the percentage banks charge on unpaid credit card balances, often 20% or higher.
Interest / APR
This is the term for a detailed plan that tracks how much money you earn and how much you spend, helping you avoid running out of money before your next paycheck.
Answer: What is a budget?
Budget
If she won't pay her bills on time, her credit score will drop.
If she doesn't pay her bills on time, her credit score will drop.
Why can't most of our ILC students get a "Student Credit Card"?
Student Credit Cards are attached to universities or colleges. ILC isn't an university or college.
This is the term for money set aside specifically for surprise expenses like a medical bill, job loss, or car repair.
Emergency Fund
This payment option is the total amount owed at the end of your last billing cycle — paying it in full helps you avoid interest.
Statement Balance
This is the term for money you earn from working a job, whether it comes as an hourly wage, salary, or tips.
Income
If they will apply for a mortgage, the bank will check their credit score.
If they apply for a mortgage, the bank will check their credit score.
This happens when you spend more money than what is currently in your checking account, often resulting in a penalty fee from the bank.
Overdraft
This type of savings account functions similarly to a checking account but earns more interest and may require a higher minimum balance to open.
Money Market
This type of credit card does not require a deposit and is based on your income and credit history.
Unsecure Credit Card
Paying only the minimum payment on your credit card every month leads to this dangerous financial situation.
Cycle of Debt - always paying interest
If he will get an employer match, he will contribute enough to his 401k to qualify.
If he gets an employer match, he will contribute enough to his 401k to qualify.
This is the regular summary the bank sends you — on paper or digitally — showing all deposits, withdrawals, and purchases made during a set period of time.
Bank Statement
Unlike a savings account, this retirement tool is offered through your employer, and your contributions come directly out of your paycheck before taxes are taken out.
401k
This three-digit number is what lenders, landlords, and sometimes even employers check to decide if they can trust you financially.
Credit Score
This is what it is called when your employer puts extra money into your 401k to match a percentage of what you contribute yourself — it is essentially free money.
Employer Match