Money Management
This financial tool gives you an organized picture of your income and expenses.
What is a Budget?
These are the two types of loans you can get when going to college.
What is Federal and Private Loans.
Three major categories of goals you should have financially?
What is short term, medium and long term goals?
At least two to three months worth of expenses.
What is an Emergency Fund?
This is money awarded by schools, businesses, governments, or nonprofits to help you pay for college, unlike loans it does not have to be repaid.
What is scholarships?
What kind of account do many people use to save money for retirement, where the government sometimes gives tax benefits?
What is a retirement account (an IRA or 401(k))
This type of expense, like rent or car payment, stays the same each month and makes it easier to plan your budget.
What is a fixed expense?
This work-based form of aid lets students earn money through part-time campus jobs while attending school.
What is work study?
What is it called when you spread your savings goals between short-term needs, medium-term goals, and long-term plans like retirement?
What is financial planning/ setting financial goals.
Spending money on entertainment, gifts, vacation & eating out.
What is Discretionary/non-essential spending.
This type of Federal aid does not have to be repaid, making it one of the best options for students in NEED.
What is a grant?
When your money earns interest, and then that interest also earns interest, what is that powerful money-growing idea called?
What is compound interest
This popular budgeting tool helps you divide net income so that 50% covers needs, 30% goes towards wants and 20% goes towards savings or to pay down debt.
What is the 50/30/20 rule?
Unlike private loans, these are backed by the U.S. Department of Education and usually come with lower interest rates and flexible repayment plans. (3 word answer)
What is Federal Student Loans
If you want to reduce the risk of losing money in the stock market, how long should you plan to keep your investments?
What is the long term (10+ years).