Savings
What is the name of A popular savings rule of thumb in which 50% of your income goes towards necessities, 20% goes towards saving and debt repayment, and 30% goes towards flexible spending?
50-20-30 Rule
This is a handy portfolio that holds your check register, checks, deposit slips, receipts, and other records of ATM/debit card transactions
Checkbook
What is a Certificate of Deposit?
A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time
What does the acronym ATM stand for?
Automatic Teller Machine.
Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing
Living Paycheck to Paycheck
Known as reinvesting earned interest back into the principal to allow money to grow exponentially over time
Compound Interest
The name for a written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee
Check
Credit or Debit?
A sum of money deposited INTO a bank account
Credit
Protects the deposits of customers against loss up to $250,000 per account
FDIC Insurance
A popular trick to find out how many years it will take your money to double depending on what interest rate you are receiving
Rule of 72
Money set aside for unanticipated expenses or loss of income
Emergency Fund
This is a monthly document prepared by your financial institution which shows all of the transactions related to your account
Bank Statement
Credit or Debit?
A sum of money deducted from your account
Debit
The rate at which the price of goods increases and consumer purchasing power decreases over time
Inflation
A digital payment method that allows you to transfer funds from your bank account to that of another person
Person-to-Person Payment
A type of savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch
Online Savings Account
A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals
Check Register
A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check
Debit Card
A notification that lets you know if the balance in your checking account goes below a set amount
Low Balance Alert
A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway
Overdraft Fee
How much does Ms. Rodriguez have in savings (not including investments)? Rough Estimate
$11,783
To compare your bank's monthly account statement with your own records of activity for the same account
Reconcile
An automatic electronic deposit of net pay to an employee's designated bank account
Direct Deposit
What bank does Ms. Rodriguez use to house her Tutoring Business Income?
Chase Bank
How many countries has Ms. Rodriguez been to?
18 - Thailand, China, Japan, Costa Rica, France, Spain, Portugal, Belgium, Germany, Czech Republic, Austria, Netherlands, Slovenia, Hungary, Croatia, Mexico, Argentina, Vietnam