Checking: Explain what a checking account is used for Describe the consequences

Checking:
Explain what a checking account is used for
Describe the consequences of not being in the banking system
Identify common checking account fees and how to avoid them
Explain how overdraft protection works and explain the impact of overdraft fees
Explain the difference between a checking and savings account
Identify important criteria to consider when selecting a savings account.
Explain why a person may need or want credit
Explain how a credit card works in terms of making purchases and managing payments
Explain how interest is charged and how to avoid or minimize it
Name the components of a credit score and how they’re calculated
Explain the impact of timely payments and low debt on credit score
Describe how the credit score impacts the ability to borrow money and at what rate
Explain what budgeting is and why it is important
Explain how budgeting can be used to reach financial goals
Explain the difference between gross income and net income
Discuss the 50-20-30 rule and other budgeting strategies to use when creating a budget and to save money
For each category, you must write a thorough explanation of why this information is important.
Consider how you can use what you’ve learned in this class in your life. What would your first steps be?
How will what you’ve learned impact you in the future? What might you do with this learning five years from now?
What if you don’t do anything with what you’ve learned?