Any money you pay for goods and services. It can be a one-off (e.g. a

dinner out) or regular (e.g. your electricity bill). Other examples include groceries, petrol, clothing, insurance, entertainment, utilities.

A place to record the money you have coming in (your income) and the money you plan to spend (your expenses). It’s like a map of your personal financial situation.

The money left over after you have planned for your expenses. Calculated by income - expenses. Used to put aside to use in the future (e.g. saving for a holiday).

Anything you own that can be turned into cash. Can include equipment (like a car), investments (like shares or stocks) and even an idea or artwork. You would turn it into cash by selling it.

Buying an asset with the aim of earning a profit from it in the future. Can include property and shares

represent ownership in an organisation or company. The value of the organisation can go up or down, which is shown by its price.

The amount of cash you would have if you sold an asset using its current

value. For example, with shares it is worked out by multiplying the current share price by the number of shares you own.

An asset that can easily be sold and converted into cash and holds its Value. For example, currency or a savings account.

A broad term for different things that decrease the value of your money or business. For example, obligations, debt or accounts payable.

can either be a reward for putting your money into a bank account (e.g. a savings account) or it can be the cost you pay for borrowing money.

Different to simple interest because it is paid in regular intervals, building on top of any earlier interest paid. In other words, interest on interest.

a rating of how likely someone is to pay bills on time or repay money they owe which is used by lenders to work out if they will lend you money or not

Two financial technology companies that allow you to use a ‘buy now, pay

later’ approach. Customers can buy a product immediately and pay in equal repayments that are interest-free but with fees if you are late.

Unlike regular currency like coins and notes, this is a virtual currency that exists as a digital token.

money set aside while you are working so you will have money for retirement. Your employer pays this when you earn more than $450 a month.

A compulsory payment to the government to help them fund social programs like education, hospitals,roads, welfare, defence, etc.

money you borrow with the agreement to pay it back according to set terms like a time frame and any interest.

Issued by a bank or similar institution, this allows you to access (borrow) money. The money you access is not yours, and needs to be paid back along with any interest or other fees.

A secure tool (usually an app) that allows you to keep digital versions of your debit and credit cards on your phone, tablet or wearable device.