Budgeting & Saving
A spending plan that tracks income and expenses.
What is a budget?
The application required for federa financial aid in the U.S.
What is FAFSA (Free Application for Federal Student Aid)?
Paying bills late affects this three-digit number (score)lenders use.
What is your credit score (or FICO score)?
Buying this means owning a small piece of a company.
What is a stock?
True or False: A good budget should include variable costs like groceries.
What is True?
The money you actually take home after taxes and deductions.
What is net pay?
The government pays the interest on this type of federal loan while you are in school.
What is a subsidized loan?
The annual interest rate charged on a credit card balance.
What is the APR (Annual Percentage Rate)?
This type of account is considered one of the safest, with very low risk.
What is a savings account?
The difference between gross pay and net pay is that gross pay is income ______ deductions.
What is before deductions?
The budgeting strategy that tells you to put money into savings before paying bills.
What is pay yourself first?
The time after leaving school when you don't have to make loan payments.
What is the grace period?
The maximum amount you can be held liable for if your stolen credit card is reported promptly.
What is $50?
If inflation is 2% and your savings earn 1% interest, your purchasing power will do this over time.
What is decrease?
Name one fixed expense most college students might have each month.
What is rent (or phone bill, car payment, etc.)?
This type of expense- like rent or car payments- doesn't change from month to month.
What is a fixed expense?
One major consequence of defaulting on a student loan.
What is damage to your credit score (or wage garnishment)?
Two common habits that help keep your credit score healthy.
What are paying bills on time and keeping balances low?
A professionally managed fund that pools money to buy a mix of investments.
What is a mutual fund?
Missing one of these monthly payments can hurt your credit score the fastest.
What is a credit card payment?
The recommended first step to create a personal budget.
What is tracking your spending for a month?
Borrowing money for something that will cost less than the total interest you’ll pay over time is considered financially ______.
What is unwise (or a bad decision)?
Besides loans, name one area of life where a poor credit score can create barriers.
What is renting an apartment (or getting a job, buying a car, etc.)?
A quick mental math rule to estimate how long it takes to double your money at a given interest rate.
What is the Rule of 72?
Besides stocks and bonds, name one alternative investment with higher risk, such as digital currency.
What is cryptocurrency (or crypto)?