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 bank account.

Deposit-Money you put into your account.

Expenses-Things you pay money for.

Financial-Anything that has to do with money.

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 called interest.

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 account.

Click here to learn all about money and how it works.

 

 

 

 

words