Savings
What do you call the current amount of money in your bank account?
What is a balance?
These are essential items you must pay for to live, such as food, shelter, and basic clothing.
What are Needs?
This is a common tool people use to build credit while buying things.
What is a credit card?
This I Know I Can Funding source is $2500.
What is The I Know I Can grant?
Banks charge this fee when you spend more money than you have in your account.
What is an overdraft fee?
Sometimes unexpected things happen, like your phone breaks or you have a surprise bill. What do you call the money you set aside ahead of time for these situations?
What is an emergency fund?
These are items you desire but can live without, such as video games, concert tickets, or expensive coffee.
What are Wants?
This is the smallest amount you are required to pay on a credit card each month.
What is the minimum payment?
The form you must complete every year to qualify for financial aid.
What is the FAFSA?
Paying your bills on time helps improve this number
What is building your credit score?
You want to make sure your money grows faster than just keeping it at home. You put it in a bank so it earns extra over time. What is this extra growth called?
What is interest?
Using a large portion of your credit limit can lower this.
What is a credit score?
The 4 main types of financial aid students may receive to pay for college
What are scholarships, grants, loans and work study?
This is a common feeling many adults have when they worry about money.
What is financial stress?
Experts suggest saving enough money so you could still pay your bills if you lost income. About how many months of expenses should you try to save?
What is 3–6 months of expenses?
This is the term for an item you might want, but that has a high cost that could jeopardize your ability to pay for needs.
What is a Luxury Item?
This is money you owe after using credit.
What is debt?
A student may think college only costs tuition, but schools also count housing, meals, books, transportation and personal expenses. What is this full calculation called?
What is the Cost of Attendance?
Putting money into investments regularly over time helps build this kind of long-term wealth for future generations.
What is generational wealth?
You decide to always put some of your money aside before spending anything else. This helps your money grow over time. What is this savings strategy called?
What is “pay yourself first”?
Paying your balance in full each month helps you avoid this.
What is interest?
With this type of student loan, the government pays interest while you're in school. With the student loan, interests starts right away.
What is the difference between subsidized and unsubsidized loans?
This type of bank is owned by its members and often has lower fees and better interest rates, but you have to qualify to join
What is a credit union?