Vocabulary · Daily life
Money and finance in English
B1
Money and finance in English: cash and coins, currencies, banks and cards, pay and taxes, prices, saving and borrowing. With British pronunciation (IPA) and examples.
Quick answer
Money in general
| Word | Meaning | Pronunciation |
|---|---|---|
| money(n.)“I need more money.” | coins and notes used to buy things | /ˈmʌni/ |
| cash(n.) | money in coins and notes | /kæʃ/ |
| change(n.) | money you get back after paying | /tʃeɪndʒ/ |
| coin(n.) | a small, round piece of metal money | /kɔɪn/ |
| note (UK) / bill (US)(n.) | a piece of paper money | /nəʊt/ |
| wallet(n.) | a small flat case for money | /ˈwɒlɪt/ |
| purse(n.) | a small coin bag; a handbag (US) | /pɜːs/ |
Currencies
| Word | Meaning | Pronunciation |
|---|---|---|
| currency(n.) | the money used in a country | /ˈkʌrənsi/ |
| euro (€)(n.) | the money of most EU countries | /ˈjʊərəʊ/ |
| dollar ($)(n.) | the money of the United States | /ˈdɒlə/ |
| pound (£)(n.)“It costs £20.” | the money of the United Kingdom | /paʊnd/ |
| yen (¥)(n.) | the money of Japan | /jen/ |
| exchange rate(n.) | how much one currency is worth in another | /ɪksˈtʃeɪndʒ reɪt/ |
Banks
| Word | Meaning | Pronunciation |
|---|---|---|
| bank(n.) | a place that keeps your money safe | /bæŋk/ |
| bank account(n.)“I opened a bank account.” | a place for your money at a bank | /bæŋk əˈkaʊnt/ |
| savings account(n.) | a bank account for keeping money | /ˈseɪvɪŋz əˌkaʊnt/ |
| credit card(n.) | a card to buy now and pay later | /ˈkredɪt kɑːd/ |
| debit card(n.) | a card that takes money from your account | /ˈdebɪt kɑːd/ |
| PIN(n.) | the secret number for your card | /pɪn/ |
| ATM / cashpoint(n.) | a machine that gives you cash | /ˌeɪ tiː ˈem/ |
| to withdraw(v.) | to take money out of the bank | /wɪðˈdrɔː/ |
| to deposit(v.) | to put money into the bank | /dɪˈpɒzɪt/ |
| to transfer(v.) | to send money to another account | /trænsˈfɜː/ |
Pay and income
| Word | Meaning | Pronunciation |
|---|---|---|
| salary(n.)“A good salary.” | fixed pay for a month or year | /ˈsæləri/ |
| wage(n.) | pay for each hour or week | /weɪdʒ/ |
| income(n.) | all the money you receive | /ˈɪnkʌm/ |
| paycheck (US) / payslip (UK)(n.) | a paper that shows your pay | /ˈpeɪtʃek/ |
| bonus(n.) | extra money for good work | /ˈbəʊnəs/ |
| raise (US) / rise (UK)(n.) | an increase in your pay | /reɪz/ |
| tax(n.) | money you must pay to the government | /tæks/ |
| income tax(n.) | tax on the money you earn | /ˈɪnkʌm tæks/ |
Spending and budgets
| Word | Meaning | Pronunciation |
|---|---|---|
| budget(n.) | a plan for how to spend money | /ˈbʌdʒɪt/ |
| expense(n.) | money you spend on something | /ɪkˈspens/ |
| bill(n.) | a paper that says what you owe | /bɪl/ |
| invoice(n.) | a business paper asking for payment | /ˈɪnvɔɪs/ |
| rent(n.) | money you pay to live somewhere | /rent/ |
| price(n.) | how much something costs | /praɪs/ |
| cost(n.) | the amount you pay for something | /kɒst/ |
| discount(n.) | a lower price than usual | /ˈdɪskaʊnt/ |
| free(adj.) | costing no money at all | /friː/ |
| expensive(adj.) | costing a lot of money | /ɪkˈspensɪv/ |
| cheap(adj.) | costing only a little money | /tʃiːp/ |
Saving and borrowing
| Word | Meaning | Pronunciation |
|---|---|---|
| savings(n.)“Build up your savings.” | money you keep for later | /ˈseɪvɪŋz/ |
| to save(v.) | to keep money and not spend it | /seɪv/ |
| to spend(v.) | to use money to buy things | /spend/ |
| to borrow(v.) | to get money you must pay back | /ˈbɒrəʊ/ |
| to lend(v.) | to give money for a short time | /lend/ |
| loan(n.) | money you borrow and pay back | /ləʊn/ |
| mortgage(n.) | a bank loan to buy a home | /ˈmɔːɡɪdʒ/ |
| debt(n.) | money that you owe someone | /det/ |
| interest(n.) | extra money paid on loans or savings | /ˈɪntrəst/ |
Common mistakes to avoid
Note (UK) or bill (US)?
Paper money is a note in the UK (a £20 note) and a bill in the US (a $20 bill). Be careful: in the UK, a bill is also the paper that shows what you must pay, for example in a restaurant.
/ˈmɔːtɡɪdʒ/ ❌: the t in mortgage is silent
Mortgage is pronounced /ˈmɔːɡɪdʒ/. The t is silent: you write it, but you do not say it. Not /ˈmɔːtɡɪdʒ/. This is a very common mistake.
/debt/ ❌: the b in debt is silent
Debt is pronounced /det/. The b is silent, like in doubt /daʊt/. The b comes from the old Latin word debitum.
Practice quiz
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Frequently asked questions
What is the difference between salary and wage?+
A salary is fixed pay for a month or a year, often for office or skilled jobs. A wage is pay for each hour or each week, often for jobs like waiter, shop worker or a student job. Compare a teacher's salary and a waiter's wage.
Is it a note or a bill?+
Both mean a piece of paper money. In the UK, you say a £20 note. In the US, you say a $20 bill. But be careful: in the UK, a bill is also the paper that tells you how much to pay, for example in a restaurant (Can I have the bill, please?).
How do you pronounce mortgage?+
Mortgage is pronounced /ˈmɔːɡɪdʒ/. The t is in the spelling, but you do not say it. A mortgage is a loan from a bank to buy a house or a flat. Saying the t is a common mistake.
What is the difference between borrow and lend?+
Borrow means to take or receive something for a short time. Lend means to give something for a short time. Use borrow from and lend to: I borrowed money from my friend. I lent money to my friend. They are opposites, so do not mix them up.
Is it ATM or cashpoint?+
Both are the machine in the street where you get cash with your card. ATM (Automated Teller Machine) is the American word, and people understand it everywhere. In the UK, people say cashpoint or cash machine, and ATM too. Cashpoint was first the name used by one British bank, Lloyds.
Updated on 12 November 2026 by the Big Challenge teaching team. Every year, more than 500,000 students across Europe take part in our English contest, created in 1999. Our teaching approach →
The Big Challenge · Updated on 12 November 2026 · Source: www.thebigchallenge.com/bl/academy/learn-english/vocabulary/money-and-finance
© The Big Challenge. Copying allowed for classroom use. Every year, more than 500,000 students across Europe take part in our English contest, created in 1999.