Independent Living
How long can you stay covered under your parents’ health insurance plan?
You can stay covered under your parents’ health insurance plan until you turn 26.
What is step 1 of the financial decision making process?
Determine your financial situation
What is the first step in the 7 steps of budgeting?
Set your financial goals
What is an ATM card?
ATM cards are similar to debit cards, except they can only be used at an ATM
Name 3 things you learned from this Jeopardy game!
Great job!
You drop your card and someone starts spending your money. What do you do?
Cancel your credit card and report it to your bank.
What is step 2 of the financial decision making process?
Develop your financial goals
Should you budget for fixed or variable expenses first?
Focus on fixed expenses first as they are the most important and are unchanging.
What is a debit card?
Debit cards are cards used to electronically pay for goods and to access cash at an automatic teller machine (ATM) directly from your checking account. You will often use your PIN number to authorize the purchase.
Free Space
It’s 1:41AM and I’m giving away free points
What should you do after giving someone a check?
Keep a record of it and write it in your checkbook
When should you use the financial decision making process
All the time, but specifically when making large purchases
What sources of income loss should you focus on when budgeting?
Main expenses such as food, rent, and utilities, and unexpected expenses such as emergencies.
What are some typical banking fees?
Typical fees would include monthly maintenance fees, overdraft fees, check fees, and debit card fees.
When saving money for a longer period of time, but you would still like easy access in case of an emergency, this type of investment typically has better yielding interest rates than a standard savings account.
What is a Certificate of Deposit?
How do you void a check to ensure no one can cash it?
Write VOID in big letters across the entire face of the check or write VOID in the: date line. payee line. amount box. amount line. signature line.
Why should you use the financial decision making process
It keeps your spending in check and helps you with your retirement funds and other expenses.
What should you consider when deciding on financial goals?
Keep your goals specific, measurable, setting a deadline, writing them down, and sticking to them.
What is the difference between a checking and savings account?
Savings accounts are more likely to offer interest, and often limit the number of withdrawals per month
Did you attend and check in at the Spring 2023 Guidelines Meeting?
Hopefully yes - we will check
Name 3 types of documents that you may want to store in a fire-safe filing box for safety
Identity documents, Medical documentation, Student records, Loan and credit card agreements and documentation, Deeds, Receipts, Tax documentation, Bank and bill statements, Pictures of items you own.
What should you evaluate when making a financial decision?
Assess risk, opportunity cost, life situation, personal values, and economic factors.
Name 4 ways you can keep track of your budget and expenses
Billing emails, checkbook, phone reminders, alarms, calendars, lists, etc.
What are 3 differences between debit and credit cards
Credit cards are borrowed funds from a bank while debit cards are just money deducted from your bank account, Credit cards can often give you points and rewards while debit cards avoids accumulation of debt, Credit cards help you build credit while debit cards have little to no fees, and Credit cards can offer more fraud protection than debit cards.
PRISONERS DILEMMA: Choose one other player, and there's a pot of 500 points. You can each choose whether to take the points or not, which you’ll secretly tell one of the RA’s. If you both choose to take the points, you both get 0. If you both choose not to take the points, you both get 250. BUT if only one of you chooses to take the points, that person gets all 500 points.
Did you choose correctly?