Jobs & Money
Salary
A fixed regular payment made by an employer, typically on a monthly or biweekly basis, that is often expressed as an annual sum.
Rent
A tenant’s regular payment to a landlord for rent or use of land or housing.
Savings Account
An interest-bearing deposit account held at a bank or other financial institution where you can regularly put away money for use at a later date.
Shopaholic
Someone who is addicted to shopping.
Social Security Number
In the U.S., this nine-digit number issued to U.S. citizens, permanent residents and temporary residents helps the government keep track of life-time earnings.
Wage
A fixed regular payment (number of hours worked multiplied by an hourly rate of pay) made by an employer, typically on a daily or weekly basis.
Earning
The act of making money, typically through steady employment.
Borrowing
To take money from a lender that must be paid back, plus interest.
Credit Card
A plastic card issued by banks or other institutions that allows users to make purchases on credit.
Online Lender
A lender who operates online.
Direct Deposit
A deposit of money by a payer directly into the payee’s bank account. Employees who sign up for direct deposit often have their paychecks deposited directly from their employer into their checking or savings accounts.
Financial Budget
Tracking your monthly income versus your expenses, what you plan to save and what you plan to spend; a financial budget acts as a plan for your money.
Living Within Your Means
This refers to spending only what you can afford (not overspending), and happens in the discretionary part of your budget where the expenses vary from month to month.
Student Debt
Money owed on a loan that was taken out to pay for educational expenses.
Extrinsic Reward
A tangible or visible reward given to an individual or an employee, like a raise in salary.
W-4
Also known as the Employee’s Withholding Allowance Certificate, the W-4 is a U.S. Internal Revenue Service form that your employer uses to calculate the monthly withholding that will come out of your gross salary.
School Loans
Also known as student loans, this is money that a student borrows to pay for his or her higher education, which must be paid back over time, plus interest.
Budget Shortfall
When your expenses exceed your income and you don’t have enough money to pay your bills.
Consumer Loan
When a person borrows money from a lender to often buy big-ticket items, such as cars, houses and higher education.
I-9 Form
Also known as the Employment Eligibility Verification, an I-9 form is a U.S. Citizenship and Immigration Services form used to verify the identity and legal authorization to work of all paid employees in the U.S.
Pre-tax Deduction
A portion of your gross salary that goes toward health care, commuting and other qualifying expenses and reduces your gross income for taxation purposes.
Discretionary Expenses
Also known as variable expenses, they tend to vary each month. These are expenses that we make choices about, like shopping for clothes.
Draw Down Savings
Using money in your savings account to help pay your expenses when you don’t have enough income to cover them.
Intrinsic Reward
Rewards that come from within, like satisfaction with a job well done.
Income Tax
A tax imposed on individuals that varies with respective income.