SMART Goals, Banking and Expenses

Bank Accounts

100

This basic type of account earns interest and is meant to store money that you set aside for future use.

Savings Account

200

This type of account is used for everyday purchases and typically does not earn interest.  You can write checks out of this account

Checking account

300

This type of account is a step up from a regular savings account.  It earns higher/tiered interest rates, has higher minimum balance requirements, and you can sometimes write checks out of it.

Money Market

400

Type of fee for spending more than you have in your checking account

Overdraft fee

500

This type of account is like a ticking time bomb!  You decide how much money and how long you want to set it aside for an agreed upon interest rate.

Certificate of Deposit

Banking Products

100

A plastic card used to make purchases from your checking account

Debit card

200

A plastic card used to make purchases from a lender

credit card

300

An automated machine that allows you to withdraw cash from an account, check your account balance, or (in some cases) make deposits

ATM

400

A rented, locked space at the bank to store important tangible items.  Requires two keys to open it.

Safe Deposit Box

500

A guaranteed check from a bank that ensures to the payee that the amount on the check is not going to bounce.

Cashier's check

Renting Terms

100

The owner of a rental property

Landlord

200

The price paid for using someone else's property

Rent

300

The person that lives in a rented property.

Tenant

400

Fee covered to pay for potential damage to a landlord's property.

Security Deposit

500

Legally binding contract between a renter and a landlord that outlines the rent cost, length of rental, policies, etc.

Lease/Rental Agreement

Home Ownership

100

The payment to a lender for ownership of a property.

Mortgage

200

"Safety net" for a homeowner and bank/lender with a mortgage.  Guarantees that the property will be protected financially from damage/catastrophe/etc.

Home Insurance

300

Portion of a home's purchase price that is paid up front in order to secure a home loan.  Goes towards the principle balance of the home

Down Payment

400

Ideal credit score to reach/surpass before purchasing a home

740

500

Portion of a mortgage that goes to pay for property taxes and insurance

Escrow

Random

100

Type of expense typically not included in the cost of rent (Water/electric)

Utilities

200

Price of using someone else's money

Interest

300

Amount insured at a bank per account, per depositor

$250,000

400

Cost paid upon purchasing a home that covers the deed transfer, legal fees, etc.

Closing cost

500

What are the names of Mrs. Garvey's three weeny dogs?

Texas Pete, Pickle, and Mater