Accounts and budgeting strategies

Deposit

Funds added to a bank account.

Withdrawal

Funds taken out from a bank account.

Shot term goal time frame

Less than a year , low

Medium term

One to five years moderate

Long term

>5 years, high

50/20/30 Rule

Budgeting method allocating 50% needs, 20% savings, 30% wants.

Needs vs Wants

Essentials for living versus discretionary spending.

Savings Goals

Objectives for accumulating funds over time.

Overdraft Protection

Service preventing account overdrafts by covering excess withdrawals.

Savings Strategies

Methods to effectively save money over time.

FDIC Insured Accounts

Accounts protected by Federal Deposit Insurance Corporation.

Types of Savings Accounts

Includes traditional, online, CD, and money market accounts.

Deposit

Putting money into the bank

Withdrawal

To take money out of the bank

Benefits of Checking Accounts

Convenience for daily transactions and easy access to funds.

Benefits of Savings Accounts

Earn interest while keeping funds accessible.