 |
|
Talking
English
Your Passport to Better Language Communication |
|
|
|
|
|
|
The Language of Money
The language of money is important, the following text will hopefully explain some common everyday expressions.
Wonga, dough, bread, dosh, loot, brass, spondulicks, wedge, readies, plastic, cash; no matter what you call it, money plays a pivotal role in all our lives whether we like it or not.
The money used in a country, euros (€), dollars ($), yen (¥) etc., is its currency. In England, the currency is the £ (pound) sometimes referred to as sterling. Money in notes (banknotes) and coins is called cash. However, the majority of the world’s money consists of bank deposits, money that individuals or organisations have in bank accounts. Most people have a current account, which allows them to withdraw money without restrictions (as long as they are in credit). Money in this account earns a very low rate of interest. Many people also have a deposit or savings account which pays a higher rate of interest, but has restrictions on when you can withdraw your money. Nowadays, most of our cash is withdrawn from an ATM (automated teller machine) sometimes informally know as ‘the hole in the wall’.
We spend a significant part of our lives working to earn a salary (paid monthly) or a wage (paid by the hour). The rest of our time is spent kissing our hard earned money goodbye. But, where does it go? Each month, deductions are made from our gross salary for income tax and national insurance, which will eventually help pay for a pension when we retire. This leaves our net salary from which we must pay our rent, food, heating etc., this is known as the cost of living.
Increasingly, people are choosing not to rent and instead have a special loan called a mortgage to pay for the house or flat they are buying. The banks lend customers money and the customers borrow money from the bank. Each month the customer must pay back a proportion of the capital borrowed plus interest to the bank. This is one example of how banks make a profit.
Banks usually send us a monthly statement which lists recent sums of money going out, called debits and going in, called credits. If your account is in credit you are in the black, an overdrawn account is in the red.
Finland is increasingly a cashless society; most people use standing orders to pay regular fixed sums of money and direct debits, when the amount and payment date vary. Other bills are paid with a credit or debit card. In England many people (including myself) continue to pay their monthly bills by cheque.
Finally, for those lucky enough every December, the taxman gives us a rebate those less fortunate will receive a tax demand.
Mike Bangle’s is the owner of Talking English language consultancy and can be contacted at mike.bangle(at)phnet.fi
Word List
|
|
|
|