Term | Definition |
Income | The amount of money you earn. This can be from a job or investments. |
Bill | A notice that you owe someone money. |
Budget | A spending plan. |
Deposit | To put money into a bank. |
Withdraw | To take money out of an account. |
Savings | Money saved or put away to be used later. |
Cash | Money, both paper and coins. |
Check | A written notice to a bank to pay your money from an account. |
Debit Card | Plastic card used to pay for purchases instead of a check. |
Checkbook | Book showing all deposits and withdrawals from a bank account. |
Service Charge | Fee you pay to a bank to have an account there. |
Overdraft | To spend more money than you have in your bank account. |
Insufficient Funds Charge (NSF) | A fee charged when your account doesn't have enough money for the checks you write. |
Statement | A written record of all transactions with banking or credit accounts. |
Balance | Amount remaining |
Interest | Fee paid for the use of borrowed money. |
Credit | Borrowing money and promising to pay it back later with interest added. |
Loan | Money borrowed to use now with the promise to pay it back later with extra fees. |
Credit Card | Plastic card used to buy things with borrowed money. |
Credit Line | The maximum you can borrow on your credit card. |
Interest Rate | The yearly rate that determines how much interest you will pay for loans. |
Annual Fee | A yearly charge to have credit cards. |
Minimum payment | The least amount you may pay on a bill or loan. |
Late fee | A fee charged for making a late payment on your credit card balance or a bill. |
Credit Rating/Score | A record of your borrowing and payment history. |
Spending | Giving money in order to receive a good or a service. |
Investing | Allowing others to use your money in return for giving you interest. |