Students

Glossary

Below you will find the definitions of some of the key words used in the ‘More than money’ program. Some of the words may have more than one meaning, but we have provided the definition related to money, banking or finances.

Allowance
An amount of money given regularly, usually as payment for doing household chores.
Bank
A business that provides financial services such as keeping your money safe and lending money to customers.
Bartering
The exchange of goods or services for other goods and services without the use of money.
Budget
A plan of how to spend and save an income over a given period, to help manage spending and achieve goals.
Credit card
A plastic card issued by a bank that can be used to buy goods or services using their money rather than your own (on credit).
Currency
Anything that has an agreed value attached to it that can be used to buy goods or services.
Deposit
To put money into a bank account.
Expenditure
Money spent in return for goods or services.
Financial literacy
Knowledge of how to manage money.
Income
Money earned in exchange for goods or services during a period of time.
Interest
  1. A fee charged by the bank for borrowing their money.
  2. Extra ‘bonus’ money given to customers (by the bank) as a ‘reward’ for keeping their savings in one of their bank accounts.
Invest
To spend money on something (often long-term) with the goal of earning a profit in the future.
Mutual Bank
A type of bank owned by its members or customers.
Reserve Bank
A central bank that regulates the activities of all other banks and financial institutions.
Savings account
A bank account that often earns interest as a bonus for leaving money in the bank.
Taxation
A compulsory amount of money collected by the government. This money comes out of people’s income and is used to pay for services that benefit the general public.
Term deposit
A deposit into a bank or financial institution that cannot be taken out for a set amount of time (e.g. 2 years) without facing a penalty. Term deposits give customers more interest than a regular savings account.
Withdraw
To take money out of a bank account.