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Checking account – an account at a safe place, such as a bank or credit union, where money is kept and can be taken out as needed to cover expenses.
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Credit – the ability to borrow money, up to a certain amount, such as through a credit card.
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Credit card – a plastic card allowing the cardholder to borrow money for purchases in exchange for interest charged against the card balance.
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Debt – money that is owed as a result of borrowing.
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Debit card – a plastic card that uses the money in the cardholder’s checking account to fund transactions.
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Interest – the fee for borrowing money from a lender.
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Interest rate – the rate at which interest is charged or paid.
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Investment – an asset or share that is purchased in the hope of earning money, such as a real estate property or a piece of a company.
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Loan – money borrowed from a bank, credit union or private lender.
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Mortgage – a loan that is used to buy a house.
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Savings account – an account at a bank or credit union to safely keep your money and let your savings grow.
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Stock – ownership in a company that is sold to raise money. The stock rises in value when the company is doing well and the stockholder can then sell their stock to earn money.
