Saving

Front

Which is NOT a typical goal for a savings account? Options: To create an emergency fund, To pay for higher education, To save for a new car, To buy groceries for this week

Back

To buy groceries for this week

Front

According to the 50/30/20 rule, how much of your income should be saved?

Back

20% of your income

Front

What is the best use for a checking account?

Back

Covering daily expenses

Front

What is a good strategy to help you save? Options: spend money on all expenses; put the rest into saving, Tap into your savings on a regular basis to purchase small items, like snacks, Pay yourself first - set aside money for savings each month, Keep your spending and saving money together in 1 account

Back

Pay yourself first - set aside money for savings each month

Front

What is a reason for why so many Americans live paycheck-to-paycheck?

Back

Many people impulse shop

Front

How does the 50-20-30 rule distribute your income?

Back

50% expenses, 20% saving, 30% flexible spending

Front

How is compound interest different than simple interest?

Back

It is simple interest + interest earned on that interest

Front

Saving accounts differ from checking accounts in that...

Back

Banks use money in savings accounts to pay their loans

Front

True or False: You need a checking account to open a savings account.

Back

False