Credit
I should charge all my purchases on a credit card (T/F)
False
Where the money from a debit card comes from
your bank account
The difference between a need and a want
need - necessary
want - not necessary
Put $10 in savings account every week
Build up savings account
Save for a rainy day
The amount that is charged in addition to the sticker price
What is interest?
The amount of interest you are charged on debit card purchases
None
These tools help you create a budget
apps, paper, planner, financial advisors
Max out credit card limit
High repayment
less room to budget
How much money can you borrow on a credit card (ie credit limit?)
Credit limit is based on credit score and the specific company
The place where you apply for a debit card
bank/credit union
rent/mortgage, water, electricity, trash, credit cards
Creating a budget
Visualize where your money is going
Spur good money habits
The place where you apply for a credit card
Online/credit card company/bank
The bank charges you for using more money than you have in your bank account
an overdraft fee
$32,000
Spending $30 at Starbucks weekly
Create bad habits
A want
Bonus: Calculate payment of 15% interest on purchase of $150
$22.50 in interest charges
$172.50 total charge
Bonus: The purpose of Federal Deposit Insurance Corporation
Protect your bank account up to $250,000