Individual Finance– Glossary. Assets– An asset is something that is owned by a person.

with regards to saving and spending, assets are usually categorized as liquid (money) assets and money (investment) assets

Balanced Budget– A situation where earnings and costs are equal

Budget excess– A situation where money is remaining in the end responsibilities are compensated

Budget deficit– A situation where there isn’t money that is enough protect costs

Budget–An arranged policy for saving and investing predicated on your income that is expected and

Money flow–Typically utilized to measure the wellness of a small business, it calculates income minus expenses

Comparison shop– Checking a few alternatives to obtain the product that is best at the very best price

Disposable income–The cash you must invest or save yourself while you desire after taxes, social security, along with other needed and optional deductions have now been withheld from your own gross pay

Emergency Fund–An sum of money put aside to pay for bills in case there is crisis

Expenses–The things individuals pay money for with regards to cash

Financial Plan–A strategy that enables an individual to meet up not merely the instant requirements but additionally the long-term objectives

Fixed expenses– Expenses that stay constant

Impulse spending– Making purchases without comparing costs or advantages beforehand

Income–Money received in return for work, or gotten from investments, allowance, or gift ideas

Spending– The process of establishing cash apart to boost wide range with time and funds that are accumulate long-lasting monetary goals such as for example retirement

Liabilities–Money owed to individuals, organizations, or organizations

Net worth– the value that is total of individual or business, that could be determined by subtracting liabilities from total assets

Pay Yourself First– The concept of putting apart a sum of cash into cost cost savings each thirty days before having to pay other bills

Record maintaining– to jot down details about a deal or show of deals

Danger management– The process of analyzing experience of danger and determining the easiest way to carry out such visibility

Savings– The process of putting aside cash until the next date alternatively of spending it today. The purpose of saving would be to provide funds for emergencies, short-term objectives, and assets

Sharing– utilizing a percentage of earnings to help make contributions that are charitable

Spending– The work of spending cash for one thing

Investing habits– the real ways a individual typically utilizes cash

Adjustable expenses– Expenses that decrease or increase

APY– Annual Percentage Yield — the genuine or rate that is effective of whenever compounding is taken into impact

ATM– Electronic terminals located on bank premises or somewhere else, by which clients of banking institutions will make deposits, withdrawals, or complete other deals while they would through a bank teller

Canceled check– Checks the financial institution has prepared

Cash machine– See ATM

Cashier’s check– A check published by a bank on its very own funds in trade for re re payment by a person

CD– a right time certification representing an amount of cash deposited for a group amount of time, such as for example half a year

Bank checking account– A banking solution wherein cash is deposited into a free account and checks are written to withdraw cash as required

Commercial bank– an institution which takes deposits, makes loans, while offering related services

Compound interest– Interest attained on both major and interest

Credit union– A member-owned and not-for-profit that is controlled cooperative that provides a number of cost cost cost savings and financing services to users

Debit card– a card that is plastic customers might use in order to make acquisitions, withdrawals, or other forms of electronic investment transfers; utilization of a debit card generally leads to an instantaneous transfer of funds

Direct deposit– The deposit of funds straight into a bank-account as a kind of re re payment

EFT– Electronic Funds Transfer – transferring funds electronically versus by check

FDIC– Federal Deposit Insurance Corporation – Provides deposit insurance coverage which guarantees checking and savings deposits in member banking institutions as much as $100,000 per depositor

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Fees– Charges for services rendered

Finance business– a ongoing business which makes loans to companies and/or people

Cash market account– A bank deposit that will pay interest and therefore enables a saver to withdraw money at might, usually by composing checks

NSF– Not sufficient funds – a check written without enough profit a free account to pay for it

Overdraft– A check written without adequate profit a merchant account to pay for it

POS Terminal– A point-of-sale terminal serves as a computerized check out; it could monitor requests, accept bank cards and debit cards, and keep stock, on top of other things

Reconcile– Adjusting one’s checkbook balance to match one’s bank declaration

Savings– The process of putting away cash until the next date rather of spending it today. The purpose of saving is always to offer funds for emergencies, short-term objectives, and opportunities

Savings & Loan– banking institutions offering loans and interest-bearing records. Records in federally s&Ls that are chartered federally insured

20/10 Rule– One should not borrow a lot more than 20 per cent of one’s yearly net earnings, and re payments must not meet or exceed 10 % of monthly net income