Don't Break the Bank: A Student's Guide to Managing Money (26 page)
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Authors: Peterson's
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Grace period:
period of time during which you can pay your balance without any interest charges.
Gross pay:
amount you earn before deductions.
Income:
money that you earn as pay for doing a job.
Installment loan:
a type of credit in which you borrow a certain amount of money that is to be used for a specific purpose. You must make a monthly payment until the balance is paid off. Examples of installment loans are mortgages and car payments.
Interest:
fee paid to use money. When you deposit money in an account, you earn interest. When you borrow money, you pay interest.
Introductory rate:
a low interest rate a credit card company offers you for a short time when you first open an account.
Inflation:
a rise in the prices for goods and services over time.
Line of credit:
a preapproved loan that you can get money from as you need it. You only borrow what you need (or want) and only pay interest on that amount.
Medicare:
an insurance program run by the federal government that provides medical insurance to the elderly and disabled. The program is funded through taxes that are collected in the form of payroll deductions.
Minimum payment:
the lowest amount you can pay on your monthly bill for a credit card account to keep the account in good status. If you only pay the minimum every month, you will end up paying a lot of interest charges.
Mortgage:
loan from the bank used to buy a house.
Net pay:
amount of your actual paycheck after all deductions. This can often be shocking, because the deductions can often take a big chunk of your paycheck.
PIN number:
Personal Identification Number, the security code used to access your account.
Portfolio:
collection of all of your investments.
Prime rate:
the very best interest rate, which is usually only available to borrowers with the best credit.
Principal:
the amount of money you borrowed (or deposited into an account) before any interest charges are added.
Profit:
money you make when you sell something, after deducting all of your expenses and costs.
Resume:
a document that lists your work experience, education, references, and other important information that potential employers (or customers) would want to know. You use this when you are trying to get a job.
Revolving credit:
also known as a revolving account, this is a type of credit account that you can keep using over and over (assuming you make your required payments and stay under your credit limit). Types of revolving accounts include credit cards and home equity lines of credit.
Secured credit card:
a credit account for which you deposit a certain amount to guarantee the debt. You can only borrow an equivalent to your deposit amount, and if you don’t pay your bill, your deposit is used to satisfy the debt.
Social Security:
a federal government program that provides monetary benefits for the elderly, disabled, and (in some cases) survivors of individuals who have died. These payments are funded by money collected in the form of deductions from paychecks.
Stock:
partial ownership of a company.
Stock market:
the system for buying and selling shares for a bunch of different companies.
Withdrawal:
money taken out of an account.
Resources
Books
Kofke, Danny.
A Simple Book of Financial Wisdom: Teach Yourself (and Your Kids) How to Live Wealthy with Little Money.
Deadwood: Wyatt-MacKenzie Publishing, 2011.
Gardner, David.
The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of.
New York: Fireside, 2002.
Grosz, Ornella.
Moneylicious
:
A Financial Clue for Generation Y.
Bloomington: Transformation Media Books, 2010.
Sember, Brette.
The Everything Kids’ Money Book
. Avon: Adams Media, 2008.
Web Sites
Annual Credit Report
https://www.annualcreditreport.com
Official site where you can request your free credit reports.
Budget Diet
Tips for finding deals and saving money.
Bureau of Engraving and Printing (BEP)
A part of the U.S. Department of the Treasury that is responsible for designing and printing U.S. paper currency.
Coupon Cabin
Coupon codes, printable coupons, and free deals.
Dollar Sensei
http://www.dollarsensei.com/TSAC/
Information on money management, debt, and college costs.
eBay
Make money by selling your items on this auction site.
Equifax
Phone: (800) 685-1111
One of the three major credit bureaus.
Etsy
Earn extra cash by selling crafts and other homemade items.
Experian
Phone: (888) 397-3742
One of the three major credit bureaus.
FAFSA
Free Application for Federal Student Aid, which is required for any federal student aid.
FatWallet
Find out about hot deals, coupon codes, and “inside secrets” from bargain hunters.
FinAid
Comprehensive source of information and advice related to financial aid. The site also has links to a bunch of scholarship search sites.
FTC Identity Theft Site
Get tips on protecting yourself from identity theft and what to do if you believe you’ve been a victim of identity theft.
Garage Sale Gal
Tips and advice on finding great deals at garage sales—or hosting an awesome garage sale of your own.
H&R Block Dollars and Sense
http://www.hrblockdollarsandsense.com/
Personal finance education for teens. Also has a scholarship challenge where groups of teens from across the country can compete for several scholarships.
Help Save My Dollars
Founded by a teenager, this site offers tips and resources to help you save money, find good deals on textbooks, and learn about a variety of money topics.
Internal Revenue Service (IRS)
The agency in charge of collecting federal taxes. On its site, you can find out all about the tax forms you may need to complete, tax deductions, and how to fill out a tax return.
Mint.com
Find lots of cool money management and budgeting resources here, including tools that let you create colorful charts and graphs showing where your money goes.
PayDivvy
Allows you to pay a variety of bills online from one place. The site also has a cool feature that helps you gather payment for bills you are splitting with other people
Pinecone Research
http://www.pineconeresearch.com/
Get paid to take surveys or try out products.
Practical Money Skills for Life
http://www.practicalmoneyskills.com/
Financial literacy tools, games, and information for teens, adults, and educators.
TheMint.org
Sponsored by The Northwestern Mutual Foundation; lots of information and helpful tools on money-related topics, including fun stuff for kids.
TransUnion
Phone: (877) 322-8228
One of the three major credit bureaus.
United States Mint
A government agency that produces and distributes coins, precious metals, and collectible coins.
Utoria
Site designed to help teenage girls learn about business and making money.
WePay
Set up an online store page easily and collect payments.
WOW! Zone
http://www.tdbank.com/wowzone/teens/
Sponsored by TD Bank; has interactive tools to help teens learn about money, including budget worksheets.
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