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Money words and definitions |
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Deposit |
Money you put into your bank account. |
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Withdrawal |
Money you take out of your bank account. |
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Remittance |
Money you transfer to a bank or a person in another country |
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Debit card |
A plastic card that takes money immediately out of your bank account when you buy something. |
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Credit card |
A plastic card that allows you to buy something now, and pay at the end of the month when you receive the bill. |
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She owes the city $200 |
She needs to pay $200 to the city. This means the city treasurer is waiting for her to pay this amount. For example, she needs to pay $200 in city taxes. |
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Debt |
Money that you owe to someone else, because they have given you a product or a service. For example, you can have a debt to a bank, a shop, a car dealer, the city, the electric utility, or a phone company. |
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His check bounced. |
There wasn't enough money in his bank account to cover a check that he wrote. This is also called "a bad check" or "insufficient funds." |
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Deposit |
Money you put into your bank account. |
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Overdraft fee |
The extra money you have to pay the bank if you write a check which bounces. |
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Credit report |
A record of how you have paid your debts. It tells lenders who you are, how much debt you have, and whether you have made your payments on time. |
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Checkbook register |
Your personal record of all transactions, where you write down money coming in and going out of your account |
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Balance your checkbook |
Calculate how much money you should have in your bank account, comparing your register with the statement from the bank |
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Thrifty |
Always looking for a less expensive way to do things |
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Receipt |
A piece of paper which shows when, where, how much you paid and what you bought. To return something, you need the receipt. |
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Budget |
A plan that includes how much money you earn, and what you need to spend. The purpose of a budget is to save money and stay out of debt. |
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APR |
Annual percentage rate. The APR tells you the total cost of borrowing. |
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ATM |
Automated teller machine. You can save fees by using the ATMs from your bank when you withdraw money. |
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