Credit
Earnings
Expenses
Savings
Random Purchases
100
Does your credit score matter?
Yes
100
If you have no expenses (bills) how much of your check should you be wasting?
0%-50%maximum
if I got paid $100, I should save $50 minimum. In a perfect world, I would try to save $80 of it.
100
I am looking for an apartment, my income should be at least 3x what the apartment costs. I get paid $2,400 a month, what is my budget for rent?
$800
100
What is a savings account for?
To save your money, for a goal (house/car/pet) or just to have for an emergency (accident/job loss/etc.)
100
I have $100 dollars. I want a dress for Prom for $80 but I also want to save some money for my sister's birthday party coming up. How do I spend my money?
I want to know how YOU would, there is no right answer, but there is a right way to try and save. Prom is essential, but you can either get a cheaper dress and save more for your sister, or get the $80 one if it is your dream dress. Have less for your sister.
200
What age do you get a credit score?
18- unless fraud occurs utilizing a minor's information.
200
If i get paid $10 an hour, and I work 40 hours. Would my paycheck be exactly $400?
No! TAXES exist, and unfortunately your check would look more like $360 or so.
200
What is an example of a fixed expense? (AKA costs that stay constant from month to month)
Examples include rent or mortgage payments, insurance premiums and subscription services
200
Where can I open a savings account?
My bank!
200
I have $40 left in my spending budget this week. My coworkers want to get lunch this week and I want to stop by the flea market this Sunday. Lunch is going to cost me around $20. Flea Market can cost me the full $40. What do I do?
Up to you! No correct answer, but, you could do both. Get lunch with coworkers and then have $20 left for the flea market. Or, don't go to the Flea Market and save the $20.
Or, don't go with your coworkers. Either way you can save money.
300
Give some examples of where your credit will be run:
buying a car/apartment/buying a house/ applying for a credit card/ any financing option
300
What is it called when I opt for my paycheck to drop right into my bank account on payday?
Direct Deposit
300
I have $200 left after my check this week, I still haven't bought food for my cat ($20), my grocery shopping ($100) and I still need to take my friend out for dinner since her breakup(probably $40)
Which of these expenses is not essential when considering your budget for this check?
The $40 for my friend's dinner. Save the remaining $80 from your cat food and your groceries, then see what you have left from next paycheck, combine them and then see if $40 can be budgeted from there.
300
How important is it to have a savings account?
Very important! You must always have extra money, you should never spend every penny you make.
300
My wedding dress cost me $4,500. I need a veil and shoes. My budget is $6,000. Whatever I have left will go to my bridal shower party.
I could reuse my shoes for my wedding, or buy new AF1 for $100. Veils cost $200-$700. What should I do?
Up to you! You can buy a cheaper veil and reuse your shoes to save more money for the party. Or you can spend $800 on a new veil and shoes. But the more you put towards your shoes and veil, the less you have for your bridal shower. This is one of those once in a lifetime situations it is up to you, but still try and be financially smart, even if you are comfortable.
400
What information are you providing to let someone run your credit?
Personal Info + Social Security Number
400
Is income guaranteed?
No, life changes can happen at any moment, firing, business closing, furloughs, or just life changes that make it so you are unable to physically work. That is why having a savings cushion is important.
400
My car payment is $400 a month, My gas for it is $100 a month, and I have to pay car insurance $120 a month.
What amount of money should I be making a month to comfortably pay these bills?
It Varies! If you have no other expenses (rent or food):
You should be making a minimum $700. You have to always give yourself a cash cushion. If you have these exact expenses, it works best to make double what your bills are, in this case it would be $1,240.
400
I had a few emergencies with my dog this month and pulled money from my savings account. What happens if I take money out of my savings account more than 3x in one month?
You may get penalized from the bank. Savings accounts are meant to sit and save and possibly collect some interest over time. But when you pull money out too many times, or too much money, you may be penalized.
400
My wedding flights cost $5,000 first class for 2 people back and forth from USA to Europe,
About $2,500 per ticket or $1,250 per flight.
We could save thousands if we got regular seats on the flight, but I don't like flying and want to have space on the plane. My husband doesn't mind wherever he sits.
What would you do?
You can always get cheaper flights! Nobody "needs" first class. Everyone's luggage ends up in the same place anyway. Or, if the lie down seats are non-negotiable, you can always get one set of 1st class for the person who cares, and a regular seat for the one who doesn't.
500
What is considered a "good" credit score? (it's a number)
600+ roughly
500
What does it mean to be "Salary non exempt" as an employee?
It means an employee is paid a fixed salary, but is still considered "non-exempt", which means they are entitled to overtime pay for any hours worked beyond 40 in a workweek, even though they receive a set salary. In other words, you get overtime pay after 40 hours.
500
I had to change my job because the gas expense was too high ($200 a month). But now I make less money. ($1,400 instead of $1,800). Was the job move worth it? Am I saving my money?
No, you are losing $200 more.
These are the types of life changes you need to consider when changing anything. That extra $200 may make or break you.
500
Some employers (jobs) have a savings account that will go towards retirement. They put some money in when you put some in from each of your checks. This cannot be touched until you are retired/no longer employed. What account is this called?
A 401k
500
I want a nintendo switch, and saved up money for it. I have wanted one for years. I finally have enough to buy it and my favorite game next week for my birthday. That's $350.
My friend just called because I am the best man at his wedding, we are going on a Bachelor trip in May and he needs the deposit of $200 now.
What would you do?
I genuinely want to know what you would do in this situation. No right or wrong answers, just where you think you should allocate your money.