MoneyU Glossary of Terms

MoneyU Glossary of Terms

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Financial Health

This is a description of your overall financial situation. To take a closer look at your financial health, you consider the amount of money you make each month, if you own a home or other valuables, any investments you may have, and the amount of debt you carry. For example, if you own a home, have a small mortgage, and have very little credit card debt, you are in good financial health.

Financial institutions

Organizations that provide financial services for its clients or members.

Financial literacy

The ability to use knowledge and skills to manage oneÔÇÖs financial resources effectively for lifetime of financial well-being.

Financial obligation.

In the financial world, obligation refers to an outstanding debt that a party must still repay - and if they do not pay, they default on the debt.

Financial planning

Personal financial planning is the process of (a) setting goals, (b) developing a plan to achieve them, and (c) putting the plan into action. Ongoing thinking process to develop an orderly program or blueprint for handling all aspects of oneÔÇÖs money, including spending, credit, saving, and investing.

Fixed Expenses

Expenses that you must pay every month. These are expenses that you really can't change, like your mortgage, rent payment, car payment and child care.

Fixed Income Investment

An investment that promises to pay a set rate of interest. These include deposit accounts-such as certificates of deposit-as well as bonds and notes.

Fixed Interest Rate

A loan or mortgage with an interest rate that will remain at a predetermined rate for the entire term of the loan.

Fixed-Rate Loan

A loan with a set or fixed rate of interest. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years.


This is a method of postponing payments, for six months to one year, due to economic hardship. A forbearance period can be renewed annually for up to three years. Interest accrues regardless of whether the loan is subsidized or unsubsidized and is added to the loan balance at the end of the forbearance period, if not paid during this period.

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