Not financial advice
Always check with a licensed expert
Questions people often ask
Basics
Gross income
Money earned from work, business, or other sources before any deductions are made.
Basics
Net income
The money you take home after tax and other deductions. This is what you can use or save.
Spending
A sum of money set aside for regular or planned costs over a set time, often each month.
Budget plan
Borrowing
A sum lent to you by a bank or lender, which you must pay back with interest.
Personal loan
Borrowing
A rate that shows the yearly cost of borrowing money, including fees and interest.
Annual Percentage Rate
Banking
Current account
A secure account at a bank used to keep your money safe and allow easy access.
Banking
Savings account
An account where your money earns interest, often used for longer-term saving.
Credit
A number that shows how likely you are to pay back borrowed money. Lenders use it to
decide if they will lend to you.
Credit score
Credit
Interest
The cost you pay to borrow money, shown as a rate or fee on top of what you borrow.
Insurance
A contract where you pay a company to cover costs if certain events happen, like illness
or loss.
Insurance policy
Insurance
Excess
A set amount you must pay yourself before your insurer pays the rest of a claim.
Saving
Savings
Money put aside to use in the future, often in a bank or credit union.
Saving
Retirement fund
A plan to put money away for when you retire from work.
Planning
Financial forecast
An estimate of what you will earn and spend over a set period, often used for making
choices about money.
Legal
Rules set by Ireland’s authorities to protect people who use financial services and
ensure fair practice.
Consumer protection law
Legal
Customer due diligence
The process of checking your identity and address before opening a new account, as required by law.