Spring has finally emerged from its hibernation which means people are looking forward to the long nights of summer. Vacations, boating, and golfing are all popular ways to spend warm summer days, but have you planned and saved for the costs associated with these activities? To celebrate Financial Literacy Month, FNB Fox Valley has come up with a quiz to test your knowledge on banking terms and help you straighten out your financial habits now for affordable fun this summer.
1. How much should you save for your emergency fund? A. $3,000, B., 3 months of rent or mortgage payments, C. 6 months of living expenses
2. Which of these individuals need life insurance the most? A. An elderly widow, B. A single mom with two children, C. A family with four children
3. You’ve been spending $200 a month on credit card payments, but you’ve just paid all of it off. What should you do with the extra $200? A. Save it, B. Spread it throughout your budget, C. Go on a shopping spree
4. Your credit report does not include which of these: A. Any payment history, B. Current credit card balances, C. Your yearly income
5. You’re trying to save up for a vacation this summer, so how much of each paycheck should you be saving? A. 10%, B. 15%, C. As much as you can without affecting the rest of your budget
How did you do? If you answered most of the questions correctly, you have more financial knowledge than most Americans, congratulations! If you missed several, it’s not a problem; the friendly staff at FNB Fox Valley welcomes questions and can help you with many different aspects of your financial life. Celebrate National Financial Literacy Month by taking charge of your financial future. We hope to see you soon!
Answers: 1. c, 2. b, 3. a, 4. c, 5. c