Glossary

Terms

Annual Budget Tracker – A Money Detective tool designed to help you keep a track of how much money you are spending of your yearly budget allocation for items you choose to monitor.

Bad Debt – A loan that has been used to buy goods / services that reduce in value.

Bills Tracker – A Money Detective tool designed to help you to become aware of when your bills are due so that you can budget accordingly.

Borrower – Someone who borrow money from someone else who is generally called the lender.

Budget - A plan for saving and spending in the future.

Budgeting and Cash Flow Wheel – A Money Detective tool designed to allow you to answer certain questions that will delve deep into your personal situation regarding your thoughts and feelings on budgeting and your current cash flow position. Your results are graphed on a wheel.

Capital Expenditure - Capital expenditure is money that is spent on items such as stoves, washing machines, hot water systems, microwaves, manchester, home renovations, household furniture, etc.

Calculator – A Money Detective tool designed to help you know the road you are travelling down and to explore some alternative options and routes you can take. You can use the Calculators as a tool to explore different scenarios and see what happens if you make minor / major adjustments to your current money management habits.

Credit Card – A small plastic card that is used as a tool to buy goods and services based upon the understanding that the person buying the items will repay the money owing for such. Usually there is a limit on the credit card and the person can buy good and services up to this limit amount. Interest is payable on monies borrowed.

Debt - Money or goods or services owed by one person / party to another. Usually interest is paid for the privilege of borrowing the money from another person / party.

Debt Reduction Calculator – A Money Detective tool designed to allow you to input your current loan details to work out how long it will take to pay off your debts. You can then input some alternative fields to see the impact it will have on your loan. There are visual tools such a graphs and pie charts to assist you to understand and interpret the results.

Debt Tracker – A Money Detective tool designed to help you keep a track of all of those debts including credit cards, home loans and other personal borrowings.

Discretionary Expenses - Discretionary expenses are expenses such as entertainment, groceries, holiays, haircuts, etc that are not a fixed amount and can be reduced or trimmed down if required.

Extra Loan Repayments – Extra money that is paid into debts over and above the minimum repayment amount. This reduces the amount owing on your loans, saving you interest and cutting down the term of your loans.

Fixed Expenses - Fixed expenses are expenses such as a home loan payment, rates, insurance, school fees, etc that are generally a fixed amount and are bills that have to be paid.

Fixed Rate Loan – Interest rate on a loan has been fixed allowing the borrower to know exactly how much interest they will pay during the fixed term period.

Future Goals and Savings Plan Expense - Future Goals and Savings Plan expense is money that is to be set aside to build up over a period of time to allow you to have sufficient money available to meet your goals in the future.

Future Capital Expenditure - Capital Expenditure is money that is spent on items such as stoves, washing machines, hot water systems, microwaves, manchester, home renovations, household furniture etc.

Goals – Goals are something specific that you aspire to do or achieve by some date in the future.

Goal Planner – A Money Detective tool designed to help you to focus on what is important in your life and to set and prioritise your goals.

Goal Tracker – A Money Detective tool designed to help you to break down those important goals into smaller goals and then down into action items.

Goal Wheel – A Money Detective tool designed to allow you to answer certain questions that will delve deep into your thoughts and feelings regarding your ability to set and prioritise your goals. Your results are graphed on a wheel.

Good Debt – A loan that has been used to purchase goods / services that grow in value.

Have You Got What It Takes To Budget Quiz – A Money Detective tool designed to allow you to select what you would do in different scenarios regarding your ability to budget and make a choice regarding spending your money. The results are then scored and an analysis of the results provided.

Home Loan – A loan that is established (usually with a financial institution) which provides you with funds to allow you to buy a house for yourself or investment.

Introductory Rate Loan (Honeymoon loan) – A discounted introductory interest rate on a loan which helps reduce the monthly repayments during this honeymoon period.

Lender – Someone who loan money to another person who is generally called a borrower.

Line of Credit – A type of loan that has no set repayments and easy access to funds. There is a limit set and the borrower can borrow money up to that limit. This could be used for house loans or investment loans.

Loan - Money or goods or services owed by one person / party to another. Usually interest is paid for the privilege of borrowing the money from another person / party.

Loan Interest – Money that is paid to a lender on money that has been borrowed.

Loans or Debt Wheel – A Money Detective tool designed to allow you to answer certain questions that will delve deep into your personal situation regarding your thoughts and feelings on your loans and debts and your understanding of debt management. Your results are graphed on a wheel.

Loan Repayments – Money that is set aside to reduce the amount owing on loans and debts. A loan repayment might cover just the interest on the loan or may cover principal and interest on the loan.

Low Deposit and No Deposit Home Loan – Money that is loaned to a borrower who has an ability to purchase a house with little savings or deposit. This means that the borrower can get into the market sooner.

Main Expense Planner – A Money Detective tool designed to help you to save money by shopping around before you buy goods.

Menu Planner – A Money Detective tool designed to help you plan your meals, ingredients and shopping list for a week.

Money Clue – A Money Detective tool designed to help you think of new ideas to save money. We provide with a Saving Money Tip and then expand that out in a practical step by step way so you can see how this tip can really work for you using the suggested clues.

Monthly Newsletter – A Money Detective tool designed to keep you up to date with relevant information and to provide you with further information on a variety of topics covering many areas to help you build up your knowledge and understanding of budgeting, saving, debt reduction and wealth creation. The newsletter is produced monthly and is called “The Informer”.

Money Stresses Wheel - A Money Detective tool designed to allow you to answer certain questions that will delve deep into your thoughts and feelings regarding stress which can come from a number of areas of your life in which finances have a major impact. Your results are graphed on a wheel.

Non-Discretionary Expenses - Non-discretionary expenses are expenses such as a home loan payment, rates, insurance, school fees, etc that are generally a fixed amount and are bills that have to be paid.

Optional Expenses - Optional expenses are expenses such as entertainment, groceries, holidays, hair cuts etc that are not a fixed amount and can be reduced or trimmed down if required.

Planner – A Money Detective tool designed to help you to plan ahead. Planning is a fundamental step to achieving goals, establishing new habits and / or taking control of one’s situation in relation to managing your money and finances. Most people hate the idea of planning; however it can reap tremendous rewards if it is done as planning is a vital step.

Presents Planner – A Money Detective tool designed to help you to plan and budget for presents and events each year.

Quiz – A Money Detective tool designed for a bit of fun to allow you to get to know yourself a little better. By taking the challenge and going into our Quizzes and answering the questions honestly, you will start to uncover some truths about yourself that maybe you didn’t really know.

Salary – Income that is earned generally from working in our day to day jobs. This could be paid fortnightly, weekly, monthly or under some other agreed term with your employer.

Saving – The action of putting money aside from your regular income into an out of reach place such as a savings account, piggy bank etc.

Savings – Money set aside for future use which might be for personal goals or emergencies.

Savings Calculator – A Money Detective tool designed to allow you to input the details of your current savings goal and to work out how long it will take you to reach your required target. You can then input some alternative fields to see the impact it will have on your savings. There are visual tools such a graphs and pie charts to assist you to understand and interpret the results.

Savings Interest – Money that is paid to an investor for money that they have invested in a savings account.

Savings Tracker – A Money Detective tool designed to help you keep a track of how you are going with building up your savings for a particular goal.

Tax Calculator – A Money Detective tool designed to allow you to work out how much tax you are paying and what your net after tax salary should be. You can also use this to work out what your new take home pay would be if you got a pay rise or changed jobs.

“The Informer” – The name of Money Detective’s Monthly Newsletter.

Tracker – A Money Detective Tool designed to keep you on track with your new money habits by tracking how you are progressing. This keeps you accountable to your new commitments, allows you to see how you are going over time and reminds you of your success once you have reached your desired goal.

Travel Planner – A Money Detective tool designed to help you plan and budget for upcoming travel.

Understanding Money Wheel - A Money Detective tool designed to allow you to answer certain questions that will delve deep into your background of money and explores your knowledge in relation to a number of financial areas. Your results are graphed on a wheel.

Variable Rate Loan – Interest on the loan is on a variable rate which means that the interest rate can move up and down according to market conditions.