Vocabulary

• Budget – A financial plan for a defined period, often one year.
• Savings – The portion of disposable income not spent on consumption of consumer goods but accumulated or invested.
• Utilities – Services provided by the infrastructure of society such as water, electricity, gas, sewage, and broadband.
• Household expenses – The costs associated with running a household, including rent or mortgage payments, utilities, groceries, and maintenance costs.
• Energy Efficiency – Using less energy to perform the same task – that is, eliminating energy waste.
• Insulation – Material used to slow down the transfer of heat, helping to keep a home warm in winter and cool in summer.
• Thermostat – A device that automatically regulates temperature, or that activates a device when the temperature reaches a certain point.
• LED Light Bulbs – Energy-efficient light bulbs that use up to 80% less energy than traditional incandescent, saving money on utility bills.
• Water-Saving Devices – Devices designed to reduce water consumption, such as low-flow showerheads and dual-flush toilets.
• Energy Star Appliances – Appliances that meet a certain set of energy efficiency standards set by the EPA.
• Programmable Thermostat – A thermostat which allows the user to set specific temperatures at certain times of day.
• Duct Sealing – Sealing the ductwork in a home to prevent air leaks, improving energy efficiency.
• Solar Panels – Panels designed to absorb the sun's rays as a source of energy for generating electricity or heating.
• Renewable Energy – Energy from a source that is not depleted when used, such as wind or solar power.
• Energy Audit – An assessment of the energy needs and efficiency of a building or buildings.
• Off-Peak Hours – The times when demand for electricity is lowest, and therefore costs are often lower.
• Weatherstripping – Material used to seal gaps around windows and doors that can let cold or hot air escape.
• Smart Home Devices – Devices that can be controlled remotely by a smartphone or computer, often used to manage energy use.
• Composting – The process of recycling organic waste into a rich soil conditioner.
• Recycling – The process of converting waste into reusable material.
• Waste Reduction – Techniques used to reduce the amount of waste produced by a household or organization.
• Bulk Buying – Buying goods in large quantities, often at a lower cost per unit.
• Meal Planning – The process of planning meals and snacks for a certain period, often with the aim of saving money or eating healthier.
• Grocery Shopping List – A list of groceries needed, often used to prevent unnecessary purchases and save money.
• Coupons – Vouchers that offer a discount on certain products.
• Sale Shopping – Buying items when they're on sale to save money.
• Second-Hand Goods – Used goods that are often sold at a lower cost than new items.
• Do-It-Yourself (DIY) – The method of building, modifying, or repairing things without the direct aid of professionals or experts.
• Gardening – The practice of growing and cultivating plants as part of horticulture, which can also be a method of growing your own food to save money.
• Public Transportation – Transportation that is available to the general public, often cheaper than owning and operating a vehicle.
• Carpooling – Sharing a car journey with others so that more than one person travels in a car.
• Biking – Using a bicycle for transport, which can save money on fuel and vehicle costs.
• Walking – Moving along by putting one foot in front of the other, often used for short distances and can save on transportation costs.
• Home Maintenance – The process of maintaining and making repairs to a home, which can prevent costly repairs in the future.
• Renting versus Buying – The decision between renting a home (paying a monthly fee to live in a home owned by someone else) and buying a home (paying a mortgage to own a home).
• Mortgage – A loan secured by real property through the use of a mortgage note.
• Down Payment – An initial payment made when something is bought on credit.
• Interest Rate – The proportion of a loan that is charged as interest to the borrower.
• Credit Score – A numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of that person.
• Debt – Money owed by one party, the borrower or debtor, to a second party, the lender or creditor.
• Loan – A sum of money that is borrowed and expected to be paid back with interest.
• Investment – The action or process of investing money for profit.
• Retirement Plan – A financial plan that allows a person to set aside money for retirement.
• Insurance – A contract in which an individual receives financial protection against losses from an insurance company.
• Tax – A compulsory contribution to state revenue, levied by the government on income and business profits.
• Inflation – The rate at which the general level of prices for goods and services is rising.
• Deflation – Reduction of the general level of prices in an economy.
• Recession – A period of temporary economic decline during which trade and industrial activity are reduced.
• Economic Growth – An increase in the production of goods and services in an economy.
• Diversification – The strategy of investing in a variety of securities in order to lower risk.