Question

1. what are 3 strategies you can use to avoid bank fees?

make sure you have money in your account

1. naomi sets up a new checking account. she answers

o\ to opt out of overdraft protection. one day, she starts with $45 in her account. she uses her debit card to pay for a $20 cab and to buy a $15 movie ticket. then, she swipes her debit card to buy $12 at the movie concession stand.
a. does the final transaction go through? no
b. is naomi charged a fee? yes

1. your friend says they recently started using the \pay yourself first\ strategy. in your own words, what does that mean? what is one advantage of using that strategy?

1. iliza uses the 50/30/20 rule and earns $2750 per month. shes putting all of her savings towards an emergency fund with a goal of saving $11,000. assuming she has no savings currently, how long will it take her to meet that goal?

1. there are a few rules of thumb for how much youre recommended to save. according to these guidelines...

a. what percentage of your income should you try to save?
b. how much should you try to save in an emergency fund?

1. what are two challenges that can make it difficult for people to save money?

1. fill in the blanks. inflation means prices tend to ____ (increase / decrease) over time. because of this, you want your savings to earn a ____ (higher / lower) interest rate than inflation.

1. complete the table with at least 2 pros and at least 2 cons of using peer - to - peer payment (p2p) apps, like venmo or cash app.

Explanation:

Answer:

1. Maintain a minimum balance, sign up for paperless statements, and use in-network ATMs.

16a. No
16b. No

1. "Pay Yourself First" means automatically routing a portion of your income to savings before paying expenses. One advantage is that it ensures consistent saving and reduces the temptation to spend that money.
2. 20 months

19a. 20%
19b. 3 to 6 months of living expenses

1. High cost of living and unexpected emergency expenses.
2. increase; higher
3. Pros: Convenience and speed of transfers. Cons: Potential for scams and lack of federal consumer protections compared to banks.