SMART Goals
What is Specific?
You should have at least $500 saved for this.
What are emergencies?
This term describes the total amount of money you earn before taxes or deductions.
What is gross income?
The type of card that lets you borrow money up to a limit and pay it back over time, often with interest.
What is a credit card?
These three major companies create credit reports in the U.S.
What are Equifax, Experian, and TransUnion?
The "M" in SMART stands for this.
What is measurable?
Savings count toward your assets which can reduce these.
The term for money earned after taxes and deductions, also known as “take-home pay.”
What is net income?
This is what you pay to borrow money, usually expressed as a percentage.
What is interest?
This three-digit number summarizes your creditworthiness.
What is a credit score?
The "A" in SMART stands for this.
What is attainable?
Saving for expected expenses, such as Christmas, could prevent you from using this.
What is a credit card?
A plan that tracks income and expenses to help manage spending and saving.
What is a budget? (or spending plan)
A short-term, high-interest loan that's often due on your next payday.
What is a payday loan?
Reviewing your credit report can help you catch this kind of fraud where someone uses your personal info without permission.
What is identity theft?
The "R" in SMART stands for this.
What is relevant?
True or False: Savings has to be stored in a bank.
What is false?
This type of bill, like rent or a car payment, is the same amount every month.
What is a fixed expense?
This loan term means the borrower puts up an asset, like a car, that the lender can take if the loan isn’t repaid.
What is a secured loan?
You’re entitled to one free credit report per year from each credit bureau through this website.
What is AnnualCreditReport.com?
The "T" in SMART stands for this.
What is time bound?
Saving for bills that only get paid every few months or yearly are called this. (Example- auto insurance or property tax).
What are periodic expenses?
Paying bills automatically from your bank account on a schedule is known as this.
What is automatic bill pay (or autopay)?
A misleading practice where lenders hide terms or charge extremely high fees and interest rates.
What is predatory lending?
If you suspect credit fraud, you can place this on your credit file to alert lenders to take extra steps before approving credit.
What is a fraud alert?