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Topic 7 - Coggle Diagram
Topic 7
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What is an overdraft?
When a person is allowed to take out more money from bank then they actually have in their bank account. This person must later pay this money back with additional interest.
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Managing financial choices involves 5 key areas, what are they?
Plan ahead - Pay money for good pension; ensure you have money for emergencies (enough money to travel to visit a sick family member).
Staying informed - Make sure you keep track of all that is happening so if a situation such as Covid-19 was to occur, you can change your financial plans.
Budgeting - Making sure you know how much money comes in (income) and out (expenditure) of your bank account.
Choose products wisely - Investing well and in products that you have done research on so that you don't loose money.
Staying within a budget - don't spend more than your budget (a plan for your spending) allows you to.
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