Course Catalog / BMU 040 / Glossary
Glossary
Keep this page open while you study, or print it. See also the job aid.
- automatic transfer
- A set amount your bank moves from checking to savings on a set day.
- budget
- A written plan for how you will spend and save your money each month.
- credit union
- A not for profit group, like a bank, owned by its members.
- deposit insurance
- Government backed protection for money in an insured bank or credit union.
- emergency fund
- Money set aside for unplanned costs, like a car repair or a lost paycheck.
- expense
- Money that goes out, like rent, food, gas, or a phone bill.
- income
- Money that comes in, like pay, benefits, or child support.
- need
- Something you must have, like housing, food, power, or a way to get to work.
- overdraft
- When you spend more than is in your account. Some accounts charge a fee for it.
- refund
- Money the IRS pays back if too much tax was taken out.
- savings goal
- The amount you want to save and the date you want to reach it.
- spending log
- A list of what you spent, when, and on what.
- TCE
- Tax Counseling for the Elderly. Free tax help focused on people 60 and older.
- VITA
- Volunteer Income Tax Assistance. Free tax help from IRS certified volunteers.
- want
- Something nice to have that you can live without, like eating out or extra streaming.