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budgeting and money
budgeting and money managment
| Term | Definition |
|---|---|
| bank account | A record or statement of financial expenditures or receipts, often related to a bank or credit union |
| balance | An amount available or owed on an account |
| budget | Deciding how to spend your money before you actually spend it |
| cash | The physical form of money, such as coins or paper money |
| checking account | A bank account that allows quick access to money for everyday expenses |
| clearing | The time it takes for money to move from one account to another (e.g. from checking to cash, or from one checking account to another) |
| copay | The amount you pay to a healthcare provider before your insurance takes the claim, usually paid before you receive a service |
| credit | Turning your money over to a financial institution for safekeeping |
| debit | An amount removed from your bank account to pay for something |
| debt | the amount you own |
| deposit | Turning your money over to a financial institution for safekeeping |
| double entry accounting | A budgeting method where you record your earnings twice: once in your account and once in your budget |
| expense | Anything that you spend money on |
| income | Money earned through work |
| interest | A percentage charged when you borrow money. Can also be an amount earned for saving money in a savings account |
| net pay | The amount of money left on your paycheck after taxes have been withheld |
| paystub | A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes |
| principal | The amount of money that you borrow when using a loan or credit card |
| transfer | Moving money from one account to another |
| utillties | Necessities like electricity, gas, and water, which are paid monthly as part of your household expenses |