Banking Tools
Paperwork that gets sent out from your bank or credit union showing all your transactions from the month before
Statement
Savings Rule that puts a certain amount towards needs, wants, and savings
50/30/20 Rule
Taking money out of your account
Withdrawal
Account where you use your everyday money and typically gets a debit card
Checking Account
Automatic deposit from paycheck that goes into your account
Direct Deposit
A good habit is to set aside money from your paycheck or allowance before buying anything else.
Putting money into your account
Deposit
An account that pays you interest for keeping money there instead of in your piggy bank
Savings
App that allows you easy access to your accounts where you can transfer, track and pay
Online Banking
Looking at cash coming in and out and organzing what gets paid
Budget
Amount of money left in your accounts
Balance
An account that has more than one person on it
Joint Account
Mobile Deposit
Putting away a certain percentage each month to save for unexpected expenses or unplanned circumstances
Emergency Fund
The balance of a loan, putting a payment towards this does not pay on the interest but gets the loan paid off faster
Principle
An account where you lock money away at a higher interest rate and you cannot touch it for that certain time frame you chose - unless you want a penalty
CD, or certificate of deposit
Setting up to receive a second code before inputting a password to log into your online accounts
Two Factor Authentication
You plan to put some money in your savings account every month without having to do it yourself. This is called
Automated Savings
Amount of money you have readily available to use at any given time
Liquidity
Type of account where you put money aside for after you are done working, has tax benefits
Retirement Account