Share Credit, Loans, and Banks
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Checking Accounts
Used for daily spending
Ways to take money out of Checking Accounts
1. Debit card 2. Checks 3. Cash
Savings Accounts
Used to pay bills and day to day expenses
Savings Accounts Interest
EARNS INTEREST (free money over time)
Credit Unions
Member-owned with perks/benefits
Banks
Money is insured (up to $250 000)
Community Banks
Small local banks that focus on serving the needs of the people and businesses in their area.
Banking Statements
A summary of all the transactions in your bank account over a certain period of time.
Digital wallets
Cards stored on the phone
P2P Payments
Apps like Venmo/Paypal/ApplePay that send money directly to someone.
Savings and Compound interest
Money that grows over time because you earn interest on interest.
Credit Basics
Credit=borrowing money and paying it back later.
Secured Loans
Loans backed by something valuable like a house or a car.
Unsecured Loans
Loans that are not tied to a tangible object like a credit card or student loan.
Principal
The original amount of money borrowed.
Interest
The fee you pay to borrow money usually a percentage of the principal.
