Money Management
The most important lesson about money?
What is managing money effectively
Name an account you should have.
Checking, Saving, IRAs, CDs
What is instant gratification?
Immediate fulfillment of ones needs/desire.
What is the fastest way to make $1 disappear?
Spend it! 😂
What is the super power of credit unions?
Empathy
Who owns a credit union?
Its members
Why is it important to have an emergency fund account?
To prepare for emergencies such as car breakdown, appliances, layoffs, health etc
Name a tip for good money decision.
Start a saving or checking account
Budget
Work
Build credit early
Which promotion or offer does INOVA have for students?
$25 free money when you open a youth account. Anyone who is <17 years.
Why should one choose a credit union?
Lower fees
Member owned
Great member service
Community support
You borrow money and agree to pay it back later. What is that called?
Credit/borrowing
Name 2 ways on how you can deposit money into your account at INOVA?
In person-Teller
IBK/ATMs
Direct Deposit
Mobile Deposit
Transfer from another account
You receive $100. Your friend says, “Spend it all—you can always get more!” What's the smarter question to ask yourself first?
🤔 “What do I need, what do I want, and what should I save?”
Is a gaming system a need or a want?
Want
What are the differences between a bank and a credit union?
CU are member owned
CU are non-for-profit
CU have lower fees
Why shouldn't you think of a credit card as “free money”?
Because you are borrowing money and generally have to repay it; interest and fees may apply.
What is the difference between credit cards and debit cards?
Credit card is a loan, you pay each time you use the funds, you are charged interest fee or late fee
Debit card takes money out of your checking account.
What is interest?
Money earned for keeping money in an account.
How many locations does INOVA have? Name 2 locations
6 locations
Corporate office- Downtown Elkhart
CR6
CR 17
Granger
Mishawaka/Main st.
Michigan City
What is the philosophy of the credit union movement?
People helping people!
What is compound interest?
Interest you earn on the principal combined with interest on that amount.
What happens when you try to spend more money than is available in your account?
An overdraft may occur, depending on the account and transaction.
What goes farther the slow it moves
Money
What is INOVA's mission statement?
To improve our members' financial wellbeing!
What has a head, a tail, is brown, and has no legs?
A penny! 🪙