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Income	Money you earn or receive		finance-money-basics
Expense	Money you spend		finance-money-basics
Budget	A plan for how to spend and save money		finance-money-basics
Needs	Things you must have, like food, shelter and clothing		finance-money-basics
Wants	Things you would like but can live without		finance-money-basics
Saving	Setting money aside for later		finance-money-basics
Spending	Using money to buy things		finance-money-basics
Earning	Getting money for work		finance-money-basics
Allowance	Money children receive regularly from a family		finance-money-basics
Wage	Money paid for work, often by the hour		finance-money-basics
Salary	A fixed yearly payment for a job		finance-money-basics
Tip	Extra money given to thank someone for service		finance-money-basics
Gross pay	Pay before taxes are taken out		finance-money-basics
Net pay (take-home pay)	Pay after taxes and deductions		finance-money-basics
Tax	Money people pay to the government for public services		finance-money-basics
Income tax	Tax on money you earn		finance-money-basics
Sales tax	Tax added to things you buy		finance-money-basics
Deduction	An amount subtracted from pay		finance-money-basics
Bank	A business that holds and lends money		finance-money-basics
Credit union	A not-for-profit financial cooperative owned by members		finance-money-basics
Savings account	An account that holds money and pays interest		finance-money-basics
Checking account	An account for everyday spending with checks or a debit card		finance-money-basics
Deposit	Money put into an account		finance-money-basics
Withdrawal	Money taken out of an account		finance-money-basics
Balance	The amount of money in an account		finance-money-basics
Debit card	A card that takes money directly from your bank account		finance-money-basics
ATM	Machine to withdraw cash or make deposits		finance-money-basics
PIN	Personal identification number, a secret code for a card		finance-money-basics
Cash	Coins and paper money		finance-money-basics
Check	A written order for the bank to pay money		finance-money-basics
Interest	Money paid for using money, earned on savings or paid on loans		finance-money-basics
Compound interest	Interest earned on both the money and past interest		finance-money-basics
Simple interest	Interest calculated only on the original amount		finance-money-basics
Principal	The original amount of money borrowed or invested		finance-money-basics
Goal setting	Deciding what you want to save for		finance-money-basics
Short-term goal	A goal you can reach soon		finance-money-basics
Long-term goal	A goal that takes many years		finance-money-basics
Emergency fund	Money saved for unexpected costs		finance-money-basics
Pay yourself first	Saving some money before spending the rest		finance-money-basics
Save, spend, share	Three jobs for money: keep some, use some, give some		finance-money-basics
Donation	Money or goods given to help others		finance-money-basics
Charity	An organization that helps people in need		finance-money-basics
Opportunity cost	What you give up when you choose one thing over another		finance-money-basics
Trade-off	Giving up one thing to get another		finance-money-basics
Price	The amount of money a good or service costs		finance-money-basics
Value	What something is worth to you		finance-money-basics
Unit price	The price per single unit, like per ounce		finance-money-basics
Comparison shopping	Checking prices at several places before buying		finance-money-basics
Coupon	A voucher for a discount		finance-money-basics
Sale	A time when items are priced lower		finance-money-basics
Impulse buying	Buying without planning		finance-money-basics
Advertising	Messages that try to persuade you to buy		finance-money-basics
Profit	Money left after costs are subtracted from earnings		finance-money-basics
Entrepreneur	A person who starts a business		finance-money-basics
Supply	How much of something is available		finance-money-basics
Demand	How much people want something		finance-money-basics
Inflation	A general rise in prices over time		finance-money-basics
Investing	Putting money into something hoping it grows		finance-money-basics
Stock	A small share of ownership in a company		finance-money-basics
Bond	A loan to a company or government that pays interest		finance-money-basics
Mutual fund	A mix of many investments pooled together		finance-money-basics
Diversification	Spreading money across different investments to lower risk		finance-money-basics
Retirement	The time of life after stopping regular work		finance-money-basics
Net worth	What you own minus what you owe		finance-money-basics
Asset	Something valuable that you own		finance-money-basics
Liability	Something you owe		finance-money-basics
50/30/20 rule	About 50% needs, 30% wants, 20% savings		finance-money-basics