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Personal Finance

Personal Money Management Vocabulary

TermDefinition
income money received from work, investments, or financial support (money coming IN)
wage, salary terms used for work income
full-time working 40 hours a week or more
low-skill jobs do not earn as much money as high-skill jobs
overspend It is important NOT to do this, no matter your income.
budget a plan for spending and savings one's income
savings money set aside for later use AFTER expenses are paid
investing putting money aside now in order to grow money for the future; Examples: CDs, mutual funds, stocks, bonds
credit the ability to borrow money from a lender; consumers use this to buy a home, car, or have a credit card
interest a fee you pay when you borrow money from a lender OR the money the you get paid for allowing a bank to use your money when you invest
debt money owed to a lender
low interest rate the BEST kind of interest rate if borrowing money from a lender
debit card using a card that accesses your own money to make purchases; comes immediately out of your checking account
credit card using a card that is borrowed money that you have to pay back; the lender will send you a monthly bill, charging you interest if it's not paid within the month and a fee if the bill is late!
checks Writing these from your checking account can take several days to process, and they are no longer accepted everywhere.
 

 



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