Chapter 3 - Savings

How many months of fixed expenses should you set aside for emergencies?

• 1-2 months

• 3-6 months

• 7-9 months

• 12 months

A great way to start saving money is to open a basic savings account and?

• Open a no fee checking accoung

• Open an interest bearing checking account

• Open another savings account at a different bank

• Open an emergency fund account to start saving.

How much are you FDIC insured for on your accounts?

This savings tool has a fixed interest rate and maturity date. There are also penalties if you cash in early. What is this savings tool?

• High Yield Checking Account

• High Yield Savings Account

• Money Market Account

• CD's

Turning your assets in to cash fast is called what?

Depository Institutions offer what services?

• Checking

• Savings

• Investments

• Stocks & Bonds

How can you access your money from your checking account?

• Online Transfer

• Debit Card

• Write a check

• None of these

Who should start saving?

What are the two main depository institutions that we talked about?

• Credit Unions

• NCUA

• Commercial Banks

• FDIC

What does "Pay yourself first" mean?