Why Save
This amount of money is how much experts recommend having saved in an emergency fund
What is 3-6 months
Paycheck to paycheck
What is someone that uses their entire paycheck to cover monthly expenses and have very little money saved
50/30/20 Can help you save what percentage toward savings and debt repayment?
What is 20% of your budget goes to debt repayment and savings
The relationship between interest rates for savings account and inflation
What is a negative real return because interest rates are lower than inflation
The disadvantage of saving for your retirement in a traditional savings account
What is savings accounts earn very little interest and your growth may not keep pace with inflation
Wages compared to the costs of housing, healthcare, and education
What is wages have increased at a slower rate than the costs
Paying yourself first
What is setting aside part of your paycheck for savings before doing anything else
Banks do this with the money you deposit into your savings account
What is the bank lends out the money at a higher interest rate than what they pay you
This statement is the MOST accurate regarding 529 plans and health savings accounts
What is 529 plans can be used for education expenses while HSAs can be used for health expenses
The amount of Americans that have an adequate emergency fund and savings for retirement
What is a majority of Americans do not have adequate savings
Misty uses the 50/30/20 rule in order to save $3,000 for her family vacation. Her monthly income is $2500. How much per month will she save?
What is $500 a month
This is true when comparing credit union and banks
What is credit unions compete mostly on service relationships and banks try to offer a one stop shop
Roth IRAs are described like this
What is a retirement investment account with specific tax advantage
This pair of savings strategies will work best if your goal is saving $5,000 before heading off to college
What is Control impulse spending and break your goal into smaller time frames
The average interest rate offered from lower to highest
What is Checking, Savings, Money Market, and CD