Save Up

Saving Money

100

These are things that are nice to have, but you don't need them

Wants

200

These are things you can't live without

Needs

300

Any amount of your personal money that you save and don't spend right away

Savings

400

a plan for using your money over a set period of time

Budget

500

This term is money you bring in from a job

Income

Setting Goals

100

Something that costs you money when you're not expecting it

Financial Emergency

200

Money you save to cover unexpected events 

Emergency Savings

300

These type of goals take a shorter time to achieve, usually a few weeks or months

Short-Term Goals

400

These goals take anywhere from a few months to a year to achieve

Mid-Term Goals

500

These goals usually take a year or more to achieves; some may take many years.

Long-Term Goals

Savings Accounts

100

An account at a financial institution that gains interest and allows withdrawals

Savings Account

200

Money that a financial institution pays you to borrow your money

Interest

300

The amount of money you put in your savings account at any one time

Balance (Principal)

400

An adult over 18 years of age who helps someone under 18 open a bank account. They are also responsible for money in that account & can make decisions on your behalf.

Co-Signer

500

If I have $500 in my savings account, and get paid 10% interest each month, how much money will I have at the end of the month in my savings account?

$500 x .10 = $50

$500 + $50 =

$550

Budgeting & Saving

100

This is how you save money and attain your goals faster

Choosing needs over wants

200

Calculating your expenses can help you budget by...

Figuring out how to spend less & save more

300

This term means to put money into a savings account

Deposit

400

This term means to take money out of a savings account

Withdraw/withdrawal

500

These 3 things help you SAVE money

Budgeting money, increasing income, reducing expenses

Potpourri

100

Reading terms and conditions from your financial institution is beneficial for this reason

Helps you understand the rules you need to abide by

200

The more money you deposit, the more money in _______________ you make on your savings account.

interest

300

Sometimes a financial institution may charge a _____ unless you have a minimum balance on your savings account.

fee

400

If I have $200 in my savings account, and the interest payment is 2%, I would have this much money in my savings at the end of the month.

$200 x .02 = $4.00

$200 + $4.00 =

$204

500

Financial institutions need to know your personal information for these 3 reasons.

To verify your identity, protect your identity, and to understand your financial situation