Question 1

What is the 50/30/20 budget rule?

Accepted Answer

The 50/30/20 rule allocates 50% of income to needs (housing, food, utilities), 30% to wants (entertainment, dining out), and 20% to savings and debt repayment. Review bank statements to track adherence to these percentages.

Question 2

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 3

What is a routing number?

Accepted Answer

A routing number is a nine-digit code that identifies the financial institution where your account is held. It's used for processing checks, direct deposits, wire transfers, and electronic payments.

Question 4

What is a foreign transaction fee?

Accepted Answer

A foreign transaction fee is a charge (typically 1-3%) applied when you make purchases in foreign currencies or with international merchants. Some banks and credit cards offer no foreign transaction fees.

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What is the 50/30/20 budget rule?

Do checking accounts earn interest?

What is a routing number?

What is a foreign transaction fee?

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