As you might already know, saving your money is only one of the many things you can do at a bank. Here are a few definitions that will help you understand more about money and banking:
Bank-An organization that keeps money safe for people, and that people or businesses can borrow money from.
Budget-A plan that describes how and when money will be saved and spent.
Cash-Another name for money.
Check-A written instruction to your bank to pay the amount of money you have written on it. You can use a check instead of cash to buy things as long as you have the money in your bank account.
Deposit-Money you put into your account.
Expenses-Things you pay money for.
Financial-Anything that has to do with money.
Interest-An amount of money that is paid for using someone else’s money. When you borrow money you pay an interest charge. When you deposit money in a savings account at a bank, the bank will pay you interest.
Invest-To put your money into savings accounts that you hope will grow in value and earn you more money.
Loan-Money that is given to you in exchange for a promise that you will pay it all back, plus an additional charge called interest.
Save-Hanging onto your money for future use instead of spending it. Saving is the opposite of spending.
Savings Account-A bank account that pays you interest for keeping your money in it.
Withdrawal-When you take money out of your bank account.
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