LEARN MONEY VOCABULARY IN ENGLISH | TALK ABOUT MONEY IN ENGLISH | COMMON WORDS FOR CASH | EXAMPLES

Get ready to learn lots of new English words relating to money in this English lesson from Learning English Pro. My name is Ger and I'll be narrating your lesson today. So if you're ready, sit back, relax and let's learn some English together. Money is at the center of almost every aspect of our lives. In English we say money makes the world go round. Another word for money you may hear is cash and this usually refers to physical money. You might hear someone say I have some cash in my pocket. Cash can also refer to small amounts of non-physical money. You could hear someone ask, can you transfer some cash to my bank account, please? Physical cash money comes in two different forms coins and bank notes. However, becoming more common is credit cards and debit cards. We will take a look at debit cards later, but for now, I want to focus on this important word credit. The definition of credit is the ability of a customer to obtain goods or services before payment based on the trust that payment will be made in the future. Another way to talk about credit is to say that it is money that you borrow and are usually charged interest on. But what is interest? Interest is the charge for the privilege of borrowing money. The amount of interest charged is usually called the interest rate. Something which you are commonly charged interest on is called a loan. A loan is a sum of money that is expected to be paid back with interest. Let's use some of these words in a sentence. We needed some credit, so we got a loan from the bank with a good interest rate. So what kind of loans can you take out from the bank? Let's have a little look at three types of loans you may commonly take out in your lifetime. When you need a loan to buy a house, we call this loan a mortgage. The T is silent. Mortgage. Another common loan is a student loan and many people get a car loan to purchase a new car. When people have a lot of money, we have certain words we use to describe them like wealthy or rich or you can say someone is very well off. When you have lots of money, you can buy lots of expensive things and in English, we say that the wealthy have comfortable lives. But we all need to ask, can money buy you happiness? If you don't have a lot of money, you might be described as poor or broke or someone might say that you are badly off. People who don't have much money might have to live on a budget and they may have stressful lives which can affect health and well-being. Okay, let's move on and have a look at some new different words for money and how we may use them. A word I'm sure everyone around the world knows very well. Tax. And this is the money that you pay to the government and you pay it on goods, services, profits and income. Our next word is donation. And this word describes money you give to charity. Next up, we have two words. Salary or wages. And these words mean money paid to you from your employer. It is usually paid weekly or monthly. And if you work hard, you may get a bonus. This is an additional payment from an employer for good performance. And in Western culture, it is quite common for your employer to give you a Christmas bonus. Let's move on and have a look at some words for money you may use when you're shopping. Our first word describes something you may find typically in a magazine or a newspaper. A coupon. A coupon is a token entitling the holder to a discount off a particular product. Something you can give as a present to someone is a voucher or a gift certificate. This usually comes as a piece of paper or an electronic card that entitles the holder to a cash discount. Or it may be exchanged for goods or services. When you go to a restaurant and you have a nice experience with the serving staff, you can leave them a tip. This is a sum of money given to someone as a reward for a service. It is becoming more and more common to pay by card. We have already taken a look at credit, but let's have a look at a debit card and what that means. A debit card is a card allowing the holder to spend or use money directly from their personal bank account. When you use a card to pay for something, you might need to use your chip and PIN. This is a way of paying for goods by debit or credit card whereby one enters one's personal identification number into an electronic device. Another way which is becoming very common is tap and pay. This is a form of payment that allows a customer to tap a card or device against a card reader to pay instead of inserting a card. And by device we usually mean a phone or maybe even a watch. Can you believe that brings us to the end of our vocabulary lesson? I can do lots more lessons on cash and money, so if you want more, let me know in the comments below and don't forget to subscribe to my YouTube channel. I have lots of different types of English lessons on lots of different topics, so check it out today. Coming up on screen for you is even more video suggestions, so check them out and also check out my social media. Links are in the description below. Have a great day and remember, keep learning English like a pro.