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13 terms

personal money management

STUDY
PLAY
personal money management choices
how people choose to spend and save money
budget
a record of how you plan to spend your money
debt
amount of money you owe
income
how much money you have or make
expenses
the things you spend money on
credit
when you borrow someone else's money with an agreement to pay it back a little over time you are using this.
interest rate
a percentage of the amount that you owe that you agree to pay in addition to what you borrowed.
credit score
a number based on your history as a borrower. It is used to determine whether or not to lend you money.
spending
when you give money to someone or something in return for a good or service
saving
when you take money you could spend and, instead, put it aside for a later time
savings account
accounts people have with banks, credit unions, or even online institutions that allow them to add money to the balance while also having access to their money when they need it and the money in the account gains interest.
investing
occurs when you allow businesses to use part of your money in return for interest in or a share of their profits.
reasons to save
college, vacations, future purchase, retirement, etc