Financial Terms
This is a plan for managing income and spending
Budget
Payment made monthly to live in a rented home
Rent
Things you must do as an adult
Responsibilities
Food and household items bought from a supermarket
Groceries
The act of creating a budget to manage money
Budgeting
Money earned from work or investments
Income
Payment made monthly to live in a rented home
Lease
Legal entitlements you have as a tenant or worker
Rights
The cost of living (e.g., rent, food, transport)
Expenses
Knowing how to open a bank account and manage it
Banking literacy
Protection against financial loss
Insurence
Money paid upfront to secure a rental property
Deposit
Being legally accountable for something
Liability
The ability to cook, clean, and care for yourself
Life skills
Understanding how to read and pay bills correctly
Bill playing
Money set aside for future use, not spent right away
Savings
The person who owns a rental property and receives rent
Landlord
A legal document that outlines an agreement between two parties
Contract
Planning meals and shopping to avoid waste
Meal planning
Living and making decisions without relying on parents or guardians
Independence
Regular payments for services like electricity or internet
Services like gas, water, and electricity for a home
Utilities
In Australia, how many days does a landlord legally have to fix urgent repairs (like broken plumbing or electricity)？
7 days
What term refers to the minimum amount of money needed monthly to cover basic living costs like food, rent and utilities?
Cost of living
When applying for a rental property in Australia for the first time, what two types of references are typically required besides proof of income?
"previous landlord/property manager and current employer"