Managing your money Menu

Managing your money

Stop - Very important information Before you spend every penny of your wages, start as you mean to go on.  Set yourself a weekly or monthly budget from the beginning.

Don’t spend more than you earn!
You will find that there is a lot of financial and money jargon.  This useful glossary might help you understand….

Term Description
Account Number A series of numbers that identifies your bank or savings account, e.g. 29441795
APR Annual Percentage Rate – the yearly costs of borrowing expressed as a percentage.
Bank A financial institution in which money is kept for saving or business purposes or is invested, supplied for loans or exchanged.
Bank Card A card issued to an individual by a bank to allow access to the account.
Bank Statement A monthly summary of transactions with an end balance for a bank account.
Cheque A written order directing a bank to pay or withdraw money from an account, issued to an individual by the bank.
Chip & Pin Safety feature of bank cards when purchasing using a card.
Council Tax A Government tax paid by home owners / renters for local services.
Credit A flexible opportunity to borrow money.
Debt Money owed by people or businesses to other people or businesses.
Direct Debit (DD) Method of payment set up by a business to take money from a customer’s account monthly.
Loan Structured borrowing paid back over a set period of time.
Mortgage A long term loan usually used to finance the purchase of a house or flat.
Overdraft An agreed amount of debt allowed on your bank account.
Paying In Book A written order allowing an individual to pay money into an account.
Pension A sum of money paid regularly for someone’s retirement.
Salaries Set amounts of money that are paid every week or every month by an employer to an employee (this is like getting regular pocket money of the same amount every week in return for doing chores around the house).
Sort Code Numbers that identify the branch of your bank account, e.g. 01-94-30
Standing Order (SO) Method of payment set up by the customer from their account.
Tax Money paid to the Government by people and businesses. This money is used by the Government to pay for services and other things that everyone needs such as schools, hospitals and roads.
Tax Credit Payment from Inland Revenue as contribution towards cost of living if you are either working or have children.
Transfer (TRF) Moving money from one bank account to another.
Utilities Essential services provided by public utility companies, i.e. water, gas, etc.