Tips on Money Management
What is the most important lesson on money?
How to manage your money effectively
What is the difference between a credit card and a debit card?
Credit card- is a loan you pay with interest
Debit comes out of your checking account
Name 2 kinds of loans
Personal loan
Car loan
Mortgage
Student loan
Where is INOVA Federal located?
Any branch in Elkhart, Granger, Mishawaka, Michigan City
Who is your role model- someone you look up to?
Any answer
Why are credit unions preferred than banks
Member owned
Not for profit
Lower fees
Higher dividends
Which card is subject to interest charges if not paid in full each month?
A credit card
3 important factors that determines if you can qualify for a loan?
Credit score/history
Proof of income
DTI
Court judgements
What special is currently being offered to the youth at INOVA Federal?
$25 bonus for any youth account 17 yrs and under
What goes up and never comes down?
Age
What is one thing you have learnt about money so far?
Any valid answer
How do you qualify for a credit card?
Credit score
proof of income
DTI
Why should you pay the loan on time?
Avoid late fees
To maintain credit score/history
Avoid repossession or foreclosure
Maintain a good relationship with the lender
Peace of mind
Name 2 reasons to choose INOVA Federal
member owned
Non-for-profit
Lower fees
Member service
High dividends
Local
What question can you never answer yes to?
Are you asleep yet?
What are 2 ways to improve your budget?
Reduce your spending
Increase your income
What are 3 important details you need to know about your credit card?
APR- interest rate
Credit limit
Fees
Grace period
How do you pay a loan on time?
Set auto-reminders
Budget/prioritize
Increase your income
Do not get more debts
Need vs wants
Name 2 accounts you can get at INOVA
Saving, checking, IRA,
Where do fish keep their money?
In a river bank
What does SMART mean in money management?
Make a Specific, Measurable, Actionable, Realistic goal in a Timely manner
Name 3 credit mistakes one can make?
Late payments
Maxing the card out
Paying only the minimum
Buying things you do not need
Getting deep in debts
Name 2 solutions to debt management?
Budgeting
Talking to financial counselor
GreenPath - helps in debt payment plans
Consolidating debts
What is INOVA's mission statement?
To improve our members' financial wellbeing
Why did the student eat a dollar bill?
Because his mom told him it was lunch money.