Saving
What are the categories for a 50-30-20 budget?
50 – needs, 30 – wants, 20 – savings
What is an overdraft?
When you spend more than the current available balance in your account
What savings category should you complete first?
Emergency savings
How much of your monthly budget should be spent on wants?
30%
How many months of needs should you have in your emergency savings
3 to 6 months of expenses
Paying the minimum on a loan or credit card balance will cost more what?
Interest
What percentage of Americans cannot afford a $1,000 emergency?
59%
What does PIN stand for when activating a debit card?
Personal Identification Number
The earlier you start saving, the more your money grows thanks to what powerful concept?
Compound Interest
What information must you fill out on a check?
The date, payee’s name, written dollar amount, and your signature