Budgeting
This is a planning tool that shows income and expenses.
What is a budget?
This account typically earns interest and is used for saving money.
What is a savings account?
This is a "buy now, pay later" card that allows you to borrow money for daily purchases
What is a credit card?
Money a student earns by working, usually part of financial aid.
What is work-study?
A plan to repay borrowed money that lists amounts and timing.
What is a repayment plan?
Money you earn after taxes are taken out.
What is net income?
A card that deducts money directly from your checking account.
What is a debit card?
A measure of how likely you are to repay borrowed money.
What is a credit score?
Financial aid that does not have to be repaid.
What is a grant or scholarship?
This protects you financially if something you own is damaged or stolen.
What is insurance?
A fixed expense that stays the same each period (like rent or car payment).
What is a fixed or recurring expense?
Type of account is mostly used for day-to-day transactions like paying bills or making purchases.
What is a checking account?
This type of credit card feature charges extra when the balance isn’t paid in full.
What is interest?
This form must be completed to determine federal student aid eligibility.
What is the FAFSA?
A realistic way to evaluate whether a purchase is “worth it” by comparing benefits and costs.
What is cost-benefit analysis?
The budgeting strategy involves putting cash into a physical envelopes labeled for specific categories like "groceries."
What is the envelope method?
A fee charged when your account has insufficient funds for a transaction.
What is an overdraft fee?
A loan often used for higher education that typically has lower interest than other loans.
What is a student loan?
Federal student loans that do NOT accrue interest while a student is still enrolled in school at least half-time.
What are subsidized federal student loans?
This is the act of spending less than you earn and saving the rest.
What is living within your means?
A type of budgeting method that assigns every dollar a job (e.g., savings, spending).
What is zero-based budgeting?
The process of depositing your monthly paycheck into your account is automatic.
What is direct deposit?
The cost of borrowing expressed as a yearly percentage rate.
What is APR or Annual Percentage Rate?
A document from a college that outlines how much aid a student will receive and what their net price will be.
What is a Financial Aid Package (or Award Letter)?
A financial goal with a target date longer than one year.
What is a long-term financial goal?