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Financial Literacy

Savings Tools Vocabulary

 

Assets: everything an individual or household owns with monetary value.

Compounding interest: earning interest on interest.

Depository institution: a business that offers banking and finance services.

Goal: the end result of something a person intends to acquire, achieve, do, reach, accomplish.

Interest: the price of money.

Interest rate: the percentage rate paid on money invested or saved.

Level of living: the amount of money needed to pay for necessities and comfort enjoyed.

Liabilities: debts or what is owed to others.

Net income: the amount of an individual’s pay after taxes and deductions have been taken out.

Net worth: amount of money left when liabilities are subtracted from assets.

Pay yourself first: a saving strategy that states that you set aside a predetermined portion of money for saving each time a person is paid before using any of the money for spending.

Principal: the original amount of money saved or invested.

Savings: the portion of current income not spent on consumption.

Wealth: a measurement of how much a person or household owns once all debts have been paid off.

 
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