As you might already know, saving
your money is only one of the many things you can do at a bank.
Here are a few definitions that will help you understand more about
money and banking:
Bank-An organization that keeps money safe for
people, and that people or businesses can borrow money from.
Budget-A plan that describes how and when money
will be saved and spent.
Cash-Another name for money.
Check-A written instruction to your bank to pay
the amount of money you have written on it. You can use a check
instead of cash to buy things as long as you have the money in your
Deposit-Money you put into your account.
Expenses-Things you pay money for.
Financial-Anything that has to do with
Interest-An amount of money that is paid for
using someone else's money. When you borrow money you pay an
interest charge. When you deposit money in a savings account at a
bank, the bank will pay you interest.
Invest-To put your money into savings accounts
that you hope will grow in value and earn you more money.
Loan-Money that is given to you in exchange for a
promise that you will pay it all back, plus an additional charge
Save-Hanging onto your money for future use
instead of spending it. Saving is the opposite of spending.
Savings Account-A bank account that pays you
interest for keeping your money in it.
Withdrawal-When you take money out of your bank
to learn all about money and how it works.