General
What Financial Institution did I work for previously?
Well Fargo
During the Bean Budget Game - What happened to those who opted in for health insurance, when they broke their leg?
They did not have to adjust their budget to include -3 beans for medical costs.
Saving __% of your income is typically recommended.
10%
Before you start paying down debt - what is the first thing Dave Ramsey recommends?
Establish a Savings Account
Do you want higher or lower Interest Rates on your Credit Cards?
Lower in this case
Who is Sarah?
Our friend who shared her credit card debt.
What are the two types of costs you can work on reducing when budgeting?
Small and Large Costs
You should set up an emergency fund to cover at least ___-___ months of expenses.
3-6
What are the two most common methods of paying down debt?
High Interest Rates First and Snowballing
How much credit card debt did Sarah start with?
A. $16,900
B. $7,800
C. $5,700
B. $7,800
Who said: "Money gives you the freedom to do with your time what you want to do with it."
Richard Branson - Virgin Airlines
During the Bean Budget Game we Played Tuesday - What was the most efficient way to spend less money (and save more!)
Living with Loved Ones - If this is an option for you, this can bring down monthly spending costs.
What label or sign should you look for when starting a savings account?
"FDIC Insured"
What is snowballing credit card debt?
Paying down and off credit cards with the lowest balance first, then adding the monthly payment amount for that credit card to your next lowest debt, and so forth.
After paying her minimum payment for 62 months (over 5 years), how much did Sarah's initial debt end up costing her?
A. $16,490
B. $14,904
C. $13,692
C. $13,692
What are the three reasons we discussed to create a budget?
2. Control
3. Short- and Long-Term Goals
What is the example website we discussed that allows you to compare banks?
bankrate.com - but there are others!
What makes up the largest percent of your credit score?
Payment History makes up 35%
What is a hard inquiry to your credit report?
Name one of the Credit Reporting Agencies.
1. Equifax
2. Experian
3. TransUnion
What are the three actions you need to take when beginning a budget?
1. Identify how you currently spend money
2. Evaluate current spending habits and set spending/saving goals based on long-term financial objectives.
3. Monitor your spending to ensure you stay on track.
Do you want higher or lower Interest Rates on your savings Account?
Higher in this situation.
What can good credit do for you when you want or need to borrow a loan?
Having good credit can make it cheaper and easier to borrow when you need a loan.
What are 3 things you should look for when shopping for a credit card?
1. Low APR (Interest Rate)
2. Reward Programs
3. No Annual Fees