What do you save for
What is an example of something you WANT that you might save for?
Shoes
Video Games
What is a balance
The amount of money in your account
Name one bank
Chase
Bank of America
PNC
Citi
US Bank
How much money should a person have in their savings account if their monthly expenses are $100?
$300
What is an example of a Need
Food
Water
Shelter
Clothing
True or false: Your checking account is the same as your savings account
FALSE
What is a fee
A charge the bank will take out of your account for not following the rules
When should you get a bank account?
Whenever you have money to put in it!
Most people get a bank account when they get their first job.
How much should be in their savings if their monthly expenses are $598?
$1,794
What is an example of a Want
TBD
Car
House
College
What is the least amount of money that can be in your savings account without needing to pay a fee called
minimum balance
What is needed when opening a savings account?
2 forms of ID
minimum deposit
How much should be in their savings if they spend $400 on rent and $174 on all other monthly expenses?
$1,722
A harcut is an example of a
service
What should EVERYONE be saving for
EMERGENCIES
What is the amount of money you need to put in when opening a savings account called?
Minimum Deposit
How do you open a bank account?
In person Appointment with a bank
How much should be in their savings if this is their monthly budget:
Income: 4,900
Bills: 1,090
Leisure: $150
Food: $270
$4,530
good
What is an example of an emergency
Doctor
Home repair
Lost job
Other
It acts as a reward or a return on your money, allowing your savings to grow over time through a process called
Interest
Why do we use a bank to hold our savings?
Safe
Accessible
How much should be in their savings if this is their monthly expenses
Rent; 1,000
Groceries: 220
Bills:76
Recreation:50
$3,976
When we GET money,, like a paycheck or social security