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1. Your goal in developing a spending plan is to be able to pay all of your expenses each month and put money into a savings or investment account and having a good spending plan in place will help you achieve this goal.
2. The first section of a spending plan is income.
3. You can also put your name on the lists known as the Do Not Call and Do Not Solicit lists, which will minimize, if not completely stop any credit card solicitations coming to your home.
4. The best way to limit their access to your information is to shred everything.
5. Do not ever provide information in an e-mail directly in the body of the e-mail or in an attachment which contains your personal information.
6. When creating a password for your online accounts, use a combination of letters, upper and lowercase, and numbers.
7. It is recommended you carry one for purchases you make in person and have a separate card for online purchases.
8. Identity theft can ruin your credit.
9. When you realize you have become a victim of identity theft, the first step you must take is to contact all banks and credit card companies where you have an open account and tell them what has happened.
10. A short-term is goal is one you want to achieve in less than 12 months time.
11. An intermediate goal is one you want to achieve in more than 12 months, but less than 5 years.
12. A long-term goal is one you want to achieve in more than five years and possibly up to 30 to 35 years.
13. To be able to create an action plan for your goals, you need to know how much each goal will cost, how long you will have to save the money you need to pay for this goal and how much money you will be able to save toward all of your goals.
14. When you choose a bank, you should three things in mind: 1. convenience 2. service 3. cost
15. A commercial bank is one of the most widely recognized of the banking institutions because they have been so well known throughout the years.
16. Virtual banks do not have physical locations you are able to walk into and do your banking.
17. Each time you use a debit card, the money is taken from your account almost immediately.
18. Banks make their money by charging fees for the services they offer, by charging interest on loans that they make and by charging commissions on investments they sell.
19. Ask the customer service representative to explain the fees to you if you do not understand them and make sure there are no hidden fees.
20. Bank statements are provided to give a customer a snapshot of what their account activity has been during a specific time period.
21. It is important for you to keep your own register so you have an accurate idea of what is available for you to spend.
22. This statement of your account shows the opening balance, the total of deposits made during the month, the total of the withdrawals made during the month and the closing balance.
23. The top two features of online and mobile banking are convenience and security.
24. A typical security system provided by a financial institution includes a firewall, data encryption, requirement for PINs, login security questions, requirement for passwords and ongoing maintenance to their systems to protect against hackers.
25. Only access your account information from a secure computer location and always logout of your account when done.
26. Also, if you are using a mobile device to access your mobile banking, or a computer to access online baking, do not leave them unattended, especially when you are logged in to online or mobile banking.
27. Next to the following items either mark a (I) Income, (F) Fixed Expense, (V) Variable Expense, (D) Discretionary Expense
1. The two basic forms of credit most commonly used are: 1.credit card 2.installment loan
2. The annual percentage rate is the percentage of interest you pay on an annual basis based on how much you have borrowed.
3. You must pay at least the minimum payment each month to avoid late charges and lowering your credit rating.
4. When you default on a loan or a credit card, this means you have stopped making payments, usually because you are unable to afford the payments.
5. For instance, while most credit cards and debit cards have 16-digit account numbers, American Express only has 15-digit account numbers.
6. The first six digits show which company has issued the card
7. If you have a credit limit of 500 dollars on your card, and you try to charge more than this amount before you have paid your bill, one of two things will happen.
8. Three things affect your credit card costs: 1.annual fee 2.finance charge 3.grace periods
9. If you do not pay your balance in full each month, you are charged interest for the amount you did not pay.
10. If your payment arrives, even one day after the due date, you will be charged a late payment fee.
11. Credit scores range from 500 to 810.
2. This is an overall score assigned to your account by the credit bureaus. The higher the number is, the better your rating is. This means, the better your credit rating is, the lower your interest rate will be.
13. Prime rate is the interest rate used by most banks and based on the federal fund rate.
Created by: clara2beara