Bank account
True of false: An initial deposit is required by some banks.
True.
True or false: I shouldn't introduce myself to my neighbors
False
What is an emergency fund?
3 to 6 months of expenses set aside
Keep it out of your checking account
For rent, bills, medical, etc
NOT for travel, investing, games etc.
Are credit cards dangerous?
They can potentially be dangerous.
What is it?
Court-mandated periodic payments related to the legal duty to provide financial support for a child whether you are married, divorced, or even live with them.
Name 3 national banks.
Bank of America, Chase & Wells Fargo
Proof of ___ is required to apply for an apartment?
Income / Finances
Name 2 things to do, if you win the lottery.
Pay off your debts
Start a savings account
Fill up your emergency fund
Look at safe investments
Name 2 dangers of credit cards:
1. The temptation to overspend
2. Interest makes it harder to pay off the balance
3. Risk of getting into debt
4. Risk or ruining your credit score
5. Minimum payments create a false sense of security
6. Confusing credit card terms
What are the obligations?
Regular payments in support of your children. Amount depending on need and financial status.
For a faster application process, please have the following information on hand when you begin your application: (Name 2)
Your Social Security number
Your current residential address
Your email address
Government-issued Identification card
An initial deposit is required by some banks, too
I should try to have ____ months of rent saved for emergencies
Three
Aggressive Spending
Bad Investing
Schemes and scams
Too much unhealthy debt
What happens when I'm late on a payment?
It affects my credit score negatively.
Name 2 ways child support is calculated?
Parental Income
Relative parental income
How many children
How much time each parent spends with their children
Tax filing status
Health insurance expenses
Union fees
Retirement contributions
What happens when my account is over drafted?
A fee is taken from my account immediately.
When moving out, I should give ____ days notice in writing.
30
Types of scams (name 2)
- Pyramid/MLM
- Paying in Gift Cards
- Fake Benefactor (Lost-relative, fake royalty, etc)
It is a bad idea to regularly spend more money than I have.
True or False
True
What if I can't afford it?
Request modification:
Office of Child Support Enforcement
Need a “good” reason: job, expenses, other children, relative income, etc.
Name two of the main account types.
- Checking
- Saving
- Investment
- Credit
Evictions often mean you’ll be unable to rent anywhere for ___ years
Five
An expense is ____.
OR
Give two examples of an expense.
Money you must pay.
Examples:
- Rent
- Debt
- Insurance
- Emergencies
What is interest?
Interest is the additional amount of money you must pay in addition to the principal (initial amount).
True or false: Is child support debt serious?
True!