wikiHow Glossary of Personal Finance Terms * Budget - A plan for managing income and expenses over a certain period of time. * Credit - The ability to borrow money or obtain goods or services with the understanding that they will be paid for later. * Debt - Money that is owed to a lender or creditor. * Interest - The cost of borrowing money or the amount earned on savings or investments. * Savings - Money set aside for future use, typically in a savings account or other type of investment. * Investment - The purchase of assets with the goal of generating income or increasing their value over time. * Retirement - The stage of life when a person stops working and relies on savings, investments, and other sources of income to support themselves. * Insurance - Protection against financial loss in the event of an accident, illness, or other unforeseen circumstances. * Credit Score - A numerical representation of a person's creditworthiness based on their credit history and other factors. * Net Worth - The total value of a person's assets minus their liabilities (debts). * Expense - A cost incurred in order to maintain a certain standard of living or achieve a particular goal. * Income - Money earned from work or investments. * Asset - Anything of value that a person owns, including property, investments, and cash. * Liability - Any debt or financial obligation owed to another person or entity. * Compound Interest - Interest earned on both the principal amount and any accumulated interest over time. Note: This is a basic list, and there may be additional terms and concepts related to personal finance that may be relevant depending on your specific situation. Page