Banking
What is finance?
Having to do with money
a plan that helps you track every dollar you have coming in (your income) and every dollar going out (your expenses).
Budget
is the act of setting aside money for future use,
A list of planned expenses and income
Budget
What is credit card?
Plastic card that is given by the bank that allows you to BORROW money that must be repaid later.
Financial plan that uses 50% for needs, 30% for wants, and 20% for savings and debt repayment
50/30/20 rule
A bank account for storing money and earning interest (extra money)
Saving account
The amount of money that an individual or business earns
Income
What is debit card?
Plastic card that is given by the bank that immediately takes money from your checking account or your bank account
Wants are desires or things people would like to have, but are not essential for survival, such as a new car, a vacation, or a luxury item.
This account rewards you higher interest rate than traditional savings account, allowing your money to grow faster
High-yield savings account
Something spent as a consumer or in a business.
Expense
What is interest?
If you do not pay back on time, you owe more money this is called an (interest).
To automatically save a specified amount from your paycheck before budgeting it into any other category
Pay yourself first
What type of saving account locks your money for a set term from 3 months to five years. If your want money from that account early, you’ll be charged a penalty
CD (Certificate of Deposit)
Income that is not used... money set aside for future use
Saving
What is debit card?
Plastic card that is given by the bank that immediately takes money from your checking account or your bank account
What is expense?
the cost required for something; the money spent on something.
What type of savings account offer more money in return but you must keep a high amount of money in your account and limits your withdrawals.
Money market
Money that is owed
Debt