- Read on for vocabulary (idioms, phrasal verbs, collocations and more) and concepts related to payments, bills, and budgeting
Payments, Bills & Advanced Vocabulary
(Idioms, Collocations & Phrasal Verbs)
1. Need to budget: Refers to the necessity of planning and allocating one's financial resources
Example: With our upcoming vacation, we need to budget carefully to ensure we have enough money for all our expenses.
2. Track one's expenses: Monitoring and recording all the money spent over a period of time
Example: I use a budgeting app to track my expenses and see where my money is going each month.
3. Manage finances: Oversee and control one's money (includes budgeting, saving, investing, and making financial decisions)
Example: Learning how to manage finances is essential for achieving long-term financial security and independence.
4. Foot the bill: To be responsible for paying the cost of something
Example: The company will foot the bill for the team's travel expenses
5. Shell out: To pay a sum of money, often reluctantly or unexpectedly
Example: I had to shell out a lot of money for the car repairs
6. Pay through the nose: To pay a high price for something.
Example: We had to pay through the nose for those concert tickets.
7. Cash in on: To profit or benefit financially from a situation.
Example: The company cashed in on the trend by releasing a new product.
8. Cough up: To reluctantly pay or give money, especially when it's a large amount.
Example: He had to cough up a hefty fine for parking in the wrong spot.
9. Settle up: To pay what is owed, especially after a period of time or negotiation.
Example: Let's settle up our tab before we leave the restaurant.
10. Run up a bill: To accumulate a large amount of debt or expenses.
Example: He ran up a huge bill on his credit card during his vacation.
11. Bite the bullet: To accept a difficult situation and endure the pain or inconvenience.
Example: We had to bite the bullet and pay for the expensive repairs to our house.
12. Rack up: To accumulate or gather, especially debt or expenses.
Example: She racked up a lot of credit card debt while traveling abroad.
13. Tighten one's belt: To reduce one's spending or live more frugally.
Example: With the recent pay cut, we've had to tighten our belts and cut back on non-essential expenses.
14. Cut corners: To reduce costs by finding cheaper or less effective ways of doing something.
Example: We can't afford to cut corners on quality; it's better to spend a little more now than to pay for repairs later.
15. Pinch pennies: To be very careful with money and try to spend as little as possible.
Example: Since losing his job, he's had to pinch pennies to make ends meet.
16. Live within one's means: To spend only what one can afford based on their income.
Example: It's important to learn to live within your means to avoid falling into debt.
17. Count the cost: To carefully consider the financial implications of a decision or action.
Example: Before making any big purchases, it's essential to count the cost and ensure it fits within your budget.
18. Keep a tight rein on: To closely control or monitor something, especially expenses.
Example: With expenses rising, it's crucial to keep a tight rein on our budget to avoid overspending.
19. Belt-tightening: A period of reduced spending or austerity measures.
Example: The government announced a program of belt-tightening in response to the economic downturn.
20. Cut back: To reduce the amount of money spent on something.
Example: We've had to cut back on dining out to save money for our vacation.
21. Splash out/Splurge: To spend a lot of money on something extravagant or luxurious.
Example: They decided to splash out on a fancy dinner to celebrate their anniversary.
22. Break the bank: To spend more money than one can afford.
Example: We'd love to go on vacation, but it would break the bank right now.
Payment related vocabulary
Different modes of making payment
1. Cash: Physical currency
(Positives: Widely accepted;
Negatives: Lacks traceability)
2. Electronically: Methods that involve digital transactions rather than physical currency. This includes:
a. Credit/Debit Cards: Plastic cards linked to a bank account, convenient for in-store and online transactions
b. Mobile Wallets: Payments conducted through smartphone apps that digitally store payment information
c. Bank Transfers: Funds transferred electronically between bank accounts using online banking or mobile banking platforms
d. Online Banking: Managing accounts and making payments electronically via Internet-based banking platforms
e. Cryptocurrency: Digital currencies exchanged electronically on decentralized networks, such as blockchain technology
Some vocabulary explained:
1. Traceability: Ability to trace or track something, especially transactions
2. Contactless: Making payments without physically touching a device or card reader
3. Decentralized: Not controlled by a single authority, such as a government or bank
4. Digital transactions: Transactions conducted electronically, without the need for physical currency
5. Card networks: Systems that facilitate the authorization, processing, and settlement of credit and debit transactions
6. Blockchain technology: A decentralized digital ledger that records transactions across multiple computers in a way that is transparent, secure, and tamper-resistant
Contactless payment: A method of making transactions without needing to physically swipe or insert the card. Examples:
1. Tap-to-Pay Cards: Debit or credit cards equipped with an NFC chip that allows users to tap the card to make a payment.
Near-field communication (NFC): A technology that enables devices in close proximity to communicate wirelessly and securely
2. Mobile Wallets: Smartphone apps like Apple Pay and Google Pay allow users to store their payment card information securely and make contactless payments by holding their device near a contactless-enabled terminal
3. Wearable Devices: E.g., smartwatches, fitness trackers
4. Transportation Cards: Usage of contactless-enabled cards or mobile wallets to pay for bus, subway, or train rides by tapping their card or device on a reader
Vocabulary when writing/speaking about payments
1. Transactions: Exchange of goods, services, or money between two or more parties
Example: The bank statement shows all the transactions made on my account last month.
2. Due Date: The deadline by which something must be completed or paid
Example: Please make sure to submit your assignment before the due date.
3. Overdue: Something that has not been paid, completed, or delivered by the required or expected time
Example: The library charges fines for overdue books that are not returned on time.
4. Arrears: The amount of money that is overdue and should have been paid earlier
Example: He fell into arrears on his rent payments after losing his job.
5. Installment (or EMI -- Equated Monthly Installment): A fixed sum of money paid at regular intervals for the repayment of a loan or for goods bought on credit
6. Grace Period: A period of time after a due date during which a payment can be made without penalty or interest
7. Pay off: To completely repay a debt or loan.
Example: It took years, but I finally paid off my student loans.
8. Financial literacy: The knowledge and skills required to make informed and effective financial decisions
9. Financial planner: A professional who helps individuals and families create a plan for managing their finances and achieving their financial goals
Bill-related Vocabulary
1. Utilities: Essential services that are provided to households and businesses
E.g., electricity, water, internet, rent, mobile, gas, sewage
Example: We need to pay our utilities bills by the end of the month to avoid disconnection.
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