It's easy to be MoneyMinded when you understand the language of finance. Click on the letters below to learn more about the words that relate to or describe money and finance matters.
Savings Money that someone puts away for use at a later time. For example, a person may save for to buy a car in the future.
Scams and scammers A person or an organisation that misrepresents their products to customers and the general public. For instance, Internet banking fraud, door-to-door con artists and the Nigerian letter scam.
Secondary cardholder A person given use of another person's credit card. The secondary cardholder is not responsible for the debts.
Security An asset can be offered by a debtor as security on a loan. This reduces the risk to the creditor because he may be able to sell the asset to recover the debt if the borrower fails to repay the loan. See Assets (secured).
Simple interest Interest is paid on a set principal only.
Spending leak Money that is spent unnoticed, for example a daily cup of take-away coffee at $3 a day.
Staff-assisted withdrawals When a person withdraws money from their account with the help of a teller in a branch.
Statement A record summarising all the transactions of an account and any fees charged or interest paid over a given period. Depending on the type of account, a person might receive statements monthly, quarterly or less frequently.
Statute-barred debt A debt that cannot be collected through the Court system as State legislation regulates that it is too old for legal action to commence.
Superannuation A form of pension and/or lump sum payment paid to a person who has contributed to a superannuation fund.
