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.