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Spending Vocabulary

Money Management - Spending Vocabulary

TermDefinition
50-20-30 Rule - A popular savings rule of thumb in which 50% of your income goes towards necessities, 20% goes towards saving and debt repayment, and 30% goes towards flexible spending
Certificate Of Deposit (CD) - A savings certificate with a fixed interest rate and maturity date, holding the saver's money until the CD fully matures
Compound Interest - Interest earned on both the principal amount and any interest already earned
Direct Deposit - An automatic electronic deposit of net pay to an employee's designated bank account
Emergency Fund - Money set aside for unanticipated expenses or loss of income
Federal Deposit Insurance Corporation (FDIC) - The U.S. corporation insuring deposits in US banks against bank failure
Health Savings Account (HSA) - An account in which you can save pre-tax dollars to pay for out-of-pocket health care expenses
Inflation - The rate at which the price of goods increases and consumer purchasing power decreases over time
Interest - The amount you earn as the benefit of depositing money in an interest bearing account
Money Market Savings Account - An account similar to a traditional savings account but that typically pays higher interest, requires a higher minimum balance, and may allow check writing
National Credit Union Administration (NCUA) - The U.S. administration insuring deposits in U.S.credit unions against credit union failure
Online Savings Account A savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch
Pay Yourself First - A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases
Principal - Original amount of money saved or invested, separate from interest or earnings
Simple Interest - Interest paid on the principal alone
Rule Of 72 - A popular trick to find out how long it will take your money to double depending on what interest rate you are receiving
Wealth A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called net worth
Created by: coleary5029
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