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Putting aside money for future use is known as:
Saving
A breakdown of your income and expenses for a set period of time.
Budget
A type of savings account offered to to young adults and students that may have additional benefits including no monthly fees and no minimum balance requirement.
Teen Savings Account
A bank account held by more than one person; each individual has the right to deposit and withdraw funds.
Joint Account
A saving strategy where you put a fixed amount of money into a savings account immediately after receiving your paycheck, rather than waiting until the end of the month to save what's left.
Pay Yourself First
A type of bank account that allows you to put aside money for future use and earn interest.
Savings Account
An amount of money you take out of a bank account.
Withdrawal
Interest earned on both the principal amount and any interest already earned.
Compound Interest
Things you would like to have; they are not absolutely necessary, but they would be nice to have.
Wants
The U.S. corporation that insures the money in your bank account up to $250,000 in the case the bank or credit union fails.
Federal Deposit Insurance Corporation (FDIC)
A financial 'safety net' for unexpected expenses.
Emergency Fund
The minimum amount of money required to open an account with a bank (this amount may change between banks and account types).
Minimum Deposit
Things you have to have; these are essential.
Needs
The amount of money you earn on your savings account balance.
Interest
The minimum dollar amount that a customer must have in their account to receive some benefit (such as keeping the account open or receiving interest).
Minimum Balance Requirement
An amount of money you add to a bank account.
Deposit
An amount of money given by a parent or guardian at regular intervals to their child.
Allowance
A savings account that is managed entirely online with no physical bank branch; usually offers higher interest rates.
Online Savings Account
Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.
ATM
The money you earn on your savings account balance over a period of time.
Interest