Saving
These are the two types of savings goals.
What are short-term and long-term goals?
This is a spending plan based on your income and expenses.
What is a budget?
These are necessary for you to live and function.
What is a need?
This number represents your creditworthiness.
What is a credit score?
The part of your credit score that shows how reliably you've repaid debts in the past and accounts for 35% of your score.
What is payment history?
This is the number one rule of saving.
What is pay yourself first?
This expense is less predictable and can vary from month to month.
What is a variable expense?
This is the amount of time you should wait before making a large purchase decision.
What is 24 hours?
This is the number range for a credit score.
What is 300-850?
This accounts for 15% of your score and uses the average age of all your credit accounts.
What is length of credit history?
Money that is set aside to pay for unexpected expenses.
What is an emergency savings?
This is a type of expense that is predictable and consistent from month to month.
What is a fixed expense?
Researching comparable or similar items to get the best deal.
What is comparison shopping?
Loans that have a set monthly payment and a set term.
What is an installment loan?
The part of your credit score that accounts for 10% of your score and shows the type of loans (installment and revolving) on your credit history.
What is credit mix?
Financial experts recommend that you save a minimum of this many months expenses for your emergency savings.
What is 3 months?
Money earned from a job or allowance.
What is income?
Buying something in the moment you hadn't planned for.
What is an impulse purchase?
This type of credit inquiry is when a lender pulls your credit when you have applied for a loan.
What is a hard inquiry?
This accounts for 10% of your credit score and looks at how many loans and new credit were recently opened.
What is new credit?
Type of cost is something you give up when you make a choice.
What is opportunity cost?
A type of plan that tracks spending and helps show spending habits.
What is a spending plan?
Name 3 things that influence our shopping decisions.
What are friends, family, social advertisements, budget, values, and available options.
Name one of the three credit bureaus.
What is TransUnion, Equifax, and Experian?
This is the percentage you should aim to keep your credit utilization rate under.
What is 30%?