2nd Grade Math Personal Finance Vocabulary

Front

What is spending?

Back

Spending is using money to buy things or pay for services.

Front

What is saving?

Back

Saving is keeping money for future use instead of spending it.

Front

What is a withdrawal?

Back

A withdrawal is when you take money out of your bank account.

Front

What is a deposit?

Back

A deposit is when you put money into your bank account.

Front

What does it mean to borrow money?

Back

To borrow money means to take money from someone with the promise to pay it back later.

Front

What is responsible borrowing?

Back

Responsible borrowing is when you borrow money and pay it back on time.

Front

What is irresponsible borrowing?

Back

Irresponsible borrowing is when you borrow money and do not pay it back or cannot pay it back.

Front

What is a loan?

Back

A loan is money that is borrowed and must be paid back, usually with interest.

Front

What is interest?

Back

Interest is the extra money you pay back when you borrow money.

Front

What is a budget?

Back

A budget is a plan for how to spend and save money.