Budgeting
This is a plan that shows how much money you expect to earn and how you plan to spend it.
What is a personal budget?
This allows a person to borrow money or purchase something now and pay for it later.
What is credit?
This is money borrowed from a lender that is expected to be paid back.
What is a loan?
Checking accounts, savings accounts, loans, and money transfers are examples of services provided by these institutions.
What are banks and credit unions?
This occurs when someone uses deception to steal money or financial information.
What is financial fraud?
Money you earn is called this, while money you spend is called this.
What are income and expenses?
This three-digit number helps lenders determine how likely you are to repay borrowed money.
What is a credit score?
This is the original amount of money borrowed before interest and other costs.
What is the principal?
Checking your balance, transferring money, and paying bills are three things you can commonly do using this.
What is online banking?
A scammer might try to steal your Social Security number, bank account number, password, or this type of card information.
What is credit/debit card information?
Rent is usually this type of expense because it stays about the same each month, while groceries are usually this type because the amount can change.
What are fixed and variable expenses?
Payment history, amounts owed, length of credit history, new credit, and credit mix are examples of things that can affect this.
What is your credit score?
This percentage tells you how much it costs to borrow money.
What is an interest rate?
Regularly checking your account can help you catch unauthorized transactions and make sure your spending matches your records.
What is monitoring your bank account?
Unexpected messages, requests for passwords, suspicious links, and demands for immediate payment are all examples of these.
What are warning signs of a scam?
A new video game is an example of this, while food and housing are examples of this.
What are a want and a need?
This is the maximum amount of money you are allowed to borrow on a credit card.
What is a credit limit?
A loan's 5-year or 10-year length is an example of this.
What is the loan term?
Strong passwords and multi-factor authentication are two ways to do this.
What is keep your online banking account secure?
Scammers often tell victims they must act immediately because they want to prevent them from having time to think, verify the information, or ask someone for help.
What is creating a sense of urgency?
If you earn $3,000 but spend only $2,700, you have this. If you spend $3,200, you have this.
What are a budget surplus and a budget deficit?
Paying your credit card balance in full can help you avoid this extra cost that may be charged when you carry a balance.
What is interest?
Two people borrow the same amount of money, but one chooses a longer loan term. This person may have lower monthly payments but could pay more of this overall.
What is total interest?
You notice a purchase on your bank account that you don't recognize. The best first step is to investigate it and contact this institution if necessary.
What is your bank or credit union?
If someone promises you a large amount of money with little or no effort, this phrase should make you suspicious.
What is "too good to be true"?