Banking
This type of account requires you to leave your money untouched for a set period of time to earn higher interest.
CD
This is a plan for managing your income and expenses.
A budget
This is a possible result of working in a low-paying job without proper financial planning.
Financial stress/debt
This type of retirement account is often matched by private employers, helping you save for the future.
A 401k
This account typically offers higher interest rates than a regular savings account.
High Yield Savings account
This budgeting rule suggests allocating 50% of your income to needs, 30% to wants, and 20% to savings or debt repayment.
The 50/30/20 rule
This free resource allows you to search for jobs based on skills, location, and salary expectations.
An online job board (indeed/monster)
This is paid time when an employee is not working but still receives income.
PTO/paid time off
This government agency insures bank deposits up to $250,000 per depositor at a bank
FDIC
Saving for emergencies, like car repairs or medical bills, is called building this.
Emergency Fund
This pay structure gives you a fixed amount of money each year, regardless of hours worked.
Salary
This is the total amount of money earned before any deductions are made.
Gross income
A service that prevents your account from being declined when there are insufficient funds by either using a line of credit or another linked account.
Overdraft protection
When you spend more money than you earn, you may go into this.
Debt
This term refers to the feeling of stability in your role and a reduced risk of being laid off.
Job security
List all 4 types of mandatory deductions we discussed
Federal Income Taxes
State Income Taxes
Social Security
Medicare
This number is linked to your bank and is required for direct deposits and transfers. *It is not an account numnber*
Routing number
Tracking both these types of expenses is crucial in creating a comprehensive budget. One is fixed, and the other fluctuates.
Fixed & Variable expenses
This is a legal employment status that allows either the employee or the employer to end the relationship at any time.
At-will employment
These accounts allow employees to set aside pre-tax money for medical expenses & childcare, reducing taxable income.
Flexible Spending Accounts (FSA)