Saving Tools
Defined as how quickly and easily an asset can be converted into cash.
What is Liquidity?
What are two ways people impulse Buy?
1. We may feel like we will miss out on a great sale.
2. We love shopping and buying new stuff.
List one way to make a P2P safer?
1. Put a pin on it.
yes
How soon should you start saving?
As soon as you can.
An account at a depository institution that used for a fixed period of time and allows restricted access to the funds deposited.
What is Certificate of Deposit?
How many months expenses should we save for?
3-6 months
Allows you to send money to people from your phone through a linked bank account.
What is a Peer-to-Peer Payments?
When you pay check automatically goes into your bank account.
What is direct deposit?
Why do people use savings tool to keep their money in?
Savings tools are secure and most are easy to get money out of.
The number of monthly withdrawals may be limited. If limit is reached the owner of the account will be charged a fee.
What is Savings account?
Savings account where we save money for an emergency.
What is an Emergency Fund?
P2P payments or money transfer apps.
What is Venmo, PayPal, and Cash App?
Name two banking fees.
1. Using a ATM that is not my banks.
2. Maintness fee
An account at a depository institution that provides an easy method for withdrawing or depositing money.
What is Checking Account?
Offer tiered interest rates.
What is Money Market Deposit Account?
What is a good reason to tap into your emergency fund?
You get into a car wreck and you need to pay a deductible.
Will have eight or more characters including letters, numbers, and symbols.
What is a strong password?
Once you have over draft protection you can't get rid of it.
False
Similar to a savings account but earn higher interest rates and has a higher minimum balance/deposit requirements.
What is Money Market Deposit Account?
Deposits can range for $100 to $250,000.
What is Certificate of Deposit?
when you buy a bunch of stuff that you can't afford just fit in with the people around you.
what is keeping up with Joneses?
Name two ways you can loss money on P2P?
1. If you type something wrong your money could go to the wrong person.
2. It can take a few days for the money to be transferred so you could end up spending more money than you have.
What can you do instead of overdraft protection?
You can get emails sent to you when you account goes below a certain amount.
What is one way stores make you spend more money when there is a sale?
1. when there is a sale people come in a expect to spend a lot less because everything is marked down, but really you will probably spend more money because will spend more money than you planed because everything is cheaper.