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Your Finances; Your Future

Financial Glossary

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Saving

The process of setting income aside for future spending.  Saving provides ready cash for emergencies and short-term goals, and funds for investing.

Savings Account

An account with a bank or credit union in which people can deposit their money for future use and earn interest.

Savings Goal

A good or service that you want to buy in the future.

Savings Plan

A schedule listing tasks that, when completed, will allow a saver to reach a savings goal.

Scholarship

a grant or payment made to support a student's education, awarded on the basis of academic or other achievements.

Secured

A loan that is backed with collateral; a loan for which the lender requires and the borrower offers property as a guarantee of repayment.

Social Security Tax

A payroll tax that is part of FICA and is collected from most employees and employers to fund Social Security, which provides old-age, survivors' and disability income.

Spending Plan

A schedule listing tasks that, when completed, will allow a saver to reach a savings goal.