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Account Statements
Every month your bank will send you an account statement. This summarizes how much you have gone in and how much have been taken out.

Annual fee
A yearly fee (in addition to interest) charged by institutions on credit cards, bank accounts, etc.

Asset
Item of value, such as cash, investments or property.

Automatic Teller Machine (ATM)
Bank machines, which dispense cash from bank accounts, without the need to go to the counter.

Automatic Teller Machine card (ATM card)
The card your bank provides you with to access funds from your account, via ATMs.

Bond
An income investment (also known as a fixed interest/profit investment) representing a loan of money from a lender to a borrower for a set time period. It pays a fixed rate of interest/profit.

Career
The work someone undertakes over a period of times, which provides an income.

Cash flow
A measure of the money a person receives and spends.

Cash management
How a person manages money (cash) coming in and going out.

Compounding
Earning interest on interest previously earned.

Income
Money a person earns.

Inflation
An increase in the price of goods and services.

Insurance
Financial protection against financial loss; and arrangement where an insurance company agrees to pay an amount of money to the insurance policy holder if a defined event occurs, in exchange for an insurance premium being paid.

Insurance premium
The payment made to an insurance company in exchange for protection or financial help if (agreed) circumstances or events occur.

Interest
The amount borrower pays to a lender, in addition to the amount borrowed.

Interest free period
Period during which no interest is charged.

Internet banking
Banking transactions and enquiries that are conducted over the Internet.

Investment(s)
An asset acquired for the purpose of producing or generating income or capital gains for its owner.

Liabilities
Debts or financial obligations.

Loan Tenure
The length of time covered by a loan.

Managed fund
An investment that pools money from several investors and uses it to buy a particular type of investment, such as shares.

Need
The essential or basics of life.

Net income
The amount of someone's income that they can use or spend; the amount remaining once tax and payroll deductions are made.

PIN number (Personal Identification Number)
The personal code or number that a customer receives from their bank, to assist them in accessing banking services such as ATMs, Internet and Phone Banking.

Phone banking
Banking transactions and enquiry that are conducted over the telephone.

PYF (Pay Yourself first)
A method of saving.

Rate of return
How quickly money in a savings or investment account grows.

Return
The amount received or earned on money which has been invested.

Risk
The chance that you may not receive the returns you are expecting or that an unfortunate event will occur.

Risk management
The various ways or strategies used to manage potential personal or financial loss.

Rule of 72
A rule used to estimate how long it takes for money to double in value.

Savings
Money set aside to achieve your goals or future consumption.

Share
An investment, that represents ownership in a company or corporation.

Wants
Items, activities or services that are desired (rather than required) to incrase the quality and enjoyment of life.

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