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Personal Finance
Personal Finance Vocabulary
Description | Term |
---|---|
the amount of money you earn; this can come from money or investments | income |
a notice that you money to a person or company | bill |
a spending plan | budget |
giving money to receive a good or service | spending |
money put away to be used later | saving |
to put money into a bank or other savings institution | deposit |
to take money out of an account | withdraw |
currency - both paper or coins | cash |
a written notice to a bank to pay money from your account | check |
book showing all deposits or withdrawals from a bank account | checkbook |
a fee you pay to a bank to keep your money there | service charge |
to spend more money than you actually have in your bank account | overdraft |
fee charged when your account doesn’t have enough money for the checks you write | insufficient funds charge (NSF) |
a written record of all transactions with banking or credit accounts | statement |
amount of money remaining in your account | balance |
plastic card used to pay for purchases instead of a check | debit card |
plastic card used to pay for purchases with borrowed money | credit card |
a yearly charge to use credit cards | annual fee |
the least amount you may pay on a bill or a loan | minimum payment |
a fee charged for making a late payment on your credit card or bill | late fee |
borrowing money and promising to pay it back later along with added interest | credit |
fee paid for the use of borrowed money | interest |
money borrowed to use now with the promise to pay it back later with extra fees | loan |
the maximum amount you can borrow on your credit card | credit line |
the yearly rate that determines how much interest you will pay for loan | interest rate |
allowing others to use your money in return for giving you interest | investing |
a record of your borrowing and payment history | credit rating/credit score |