Describe essential personal financial procedures.

Description should include

• banking (e.g., online and in-app transactions, ATM use, in-person transactions, direct deposits, fees, and account requirements)
• budgeting and keeping account balances
• receiving compensation for work (e.g., direct deposit, paychecks, payment debit cards)
• paying bills (e.g., writing checks, electronic payment)
• keeping pay records
• managing credit (e.g., credit apps, reporting services)
• obtaining and paying loans
• establishing utilities
• establishing insurance
• investing and saving.

Process/Skill Questions:

• What are the benefits of creating a personal financial plan?
• What information is needed to prepare a realistic budget?

• What investments are considered low-risk or conservative? High-risk or aggressive?
• What should you consider before applying for a credit card?
• What is the difference between a debit and a credit card? What are the benefits and drawbacks of each?
• What is the difference between investing your money and saving it?