Money Management
This is the process of creating a plan to spend your money wisely.
What is budgeting?
These types of expenses, like your phone bill, streaming subscriptions, or gas money, should be tracked carefully so you don’t spend more than planned.
What are fixed expenses?
This feature, available through some banks, allows you to temporarily block transactions on your debit card if it's misplaced.
What is a card lock or freeze feature?
This happens when you make a payment after the due date, and it can lower your credit score.
What is a late payment?
What is the main difference between a credit union and a bank?
What is credit unions are member-owned, while banks are for-profit?
This is a popular budgeting method, dividing your expenses into three categories: necessary expenses (needs), optional expenses (wants), savings
What is the 50/30/20 method
Name one type of financial aid other than scholarships.
What is a student loan or a grant?
What is one feature of mobile banking apps offered by credit unions?
What is mobile check deposit or account balance tracking?
This three-digit number helps lenders decide how risky it is to lend money to someone.
What is a credit score?
What is one way credit unions educate their members about money management?
What are financial wellness workshops, school presentations or online resources?
You should check this often to make sure all transactions on your debit card are accurate.
What is your bank account statement or balance?
If you have a loan out on a car, you will need this type of car insurance.
Full coverage car insurance, which includes: Collision Coverage and Comprehensive Coverage
These coverages protect the lender's financial interest in the vehicle until the loan is paid off.
This type of financial account helps you save money over time and earn interest while learning to manage their funds responsibly.
What is a savings account?
If you miss a payment, it can stay on your credit report for up to this number of years.
What is seven years?
What is a financial product often offered by credit unions to help members save money
What is a savings account or a certificate of deposit (CD)?
This method consists of you setting aside a specific amount every time you get paid for savings and debt payments, then spend the rest of your money however you see fit
What is the "pay yourself first" method
One good first step to building credit is opening one of these accounts with a low limit.
What is a credit card?
SCFCU has a CC with APR's at 10.99% while most Commercial Credit Cards are averaging 28%-35%
Sharing your account passwords with someone else can make you vulnerable to this kind of unauthorized action.
What is account hacking or unauthorized access?
Name one factor that influences your credit score.
What is payment history, credit utilization, length of credit history, new credit, or credit mix?
What is one way credit unions give back to the community?
What is teaching financial wellness, sponsoring local events, volunteering in the communities, or providing scholarships?
These reasons fall under what category: Pay for a car repair (flat tire, car accident costs, etc.), Pay for lost school property, random data overages (surprise bills!), get out of little money concerns that creep up
What is an emergency fund
Social media quizzes asking for details like your mother’s maiden name may actually be trying to steal this.
What is your personal information or security answers?
You should regularly review this feature in your payment app to ensure no one has unauthorized access.
What are your linked accounts or authorized devices?
To build credit responsibly, you should avoid maxing out your credit card and instead use less than this percentage of your credit limit.
What is 30%?
Individuals can use these free services offered by credit unions to receive personalized advice on how to budget, set financial goals, and improve their financial habits.
What is one-on-one financial coaching?