You keep money in a bank account: you deposit money to put it in and withdraw money to take it out.
At the bank
Not ""I need to withdraw money into my account."" — say ""I need to deposit money into my account."". You deposit money in and withdraw money out.
Try it: Wei: The taxi driver only takes cash, and my wallet is empty. Ira: The bank is right there. You can ___ some money inside. Choose the word for the blank. (withdraw / deposit / owe) Answer: withdraw — To withdraw money is to take it out of your account.
Word
Pronunciation
Example
bank account
/bæŋk əˈkaʊnt/
Amina has had a bank account since she moved to Haffenville.
withdraw
/wɪðˈdrɔ/
Mei withdrew cash from the ATM near Mosh Market.
deposit
/dɪˈpɑzɪt/
You can deposit cash at any branch.
Growing your money
You save money to keep it, but you invest it to get more back: that money is an investment, and the gain is profit.
Not ""Maya saved in a better drawing tablet."" — say ""Maya invested in a better drawing tablet."". You save money, but you invest in something.
Try it: Ira: Why did you spend so much on that coffee machine? Mei: It was expensive, but now I won't have to buy coffee every day. It's a good ___. Choose the word for the blank. (investment / debt / deposit) Answer: investment — An investment is something you pay for now because it pays you back later.
Word
Pronunciation
Example
invest
/ɪnˈvest/
Maya invested in a better drawing tablet.
investment
/ɪnˈvestmənt/
Education can be a valuable investment in the future.
profit
/ˈprɑfɪt/
The cafe made a small profit in its first month.
The bigger picture
The economy is the system of money and jobs in a place, economic describes it, and debt is money you owe.
Not ""High rent creates economy pressure for families."" — say ""High rent creates economic pressure for families."". To describe something as about the economy, use economic.
Try it: Diego: Why are so many shops closing on Market Street? Yasmin: Because of ___ problems. People have less money to spend. Choose the word for the blank. (economic / economy / economically) Answer: economic — Economic is the adjective, so it describes a noun like "problems".
Word
Pronunciation
Example
economy
/ɪˈkɑnəmi/
The local economy improved after new businesses opened.
economic
/ˌɛkəˈnɑmɪk/
The article discussed economic growth in Haffenville.
debt
/det/
Many students finish college with some debt.
Costs and planning
A bank pays interest on your savings and charges a fee for some services; a budget is your spending plan.
Try it: Yasmin: How much can we spend on the picnic? Lani: Fifty dollars. That's our whole ___. Choose the word for the blank. (budget / fee / profit) Answer: budget — A budget is the amount you plan to spend.
Word
Pronunciation
Example
interest
/ˈɪntrəst/
Savings accounts usually pay a little interest.
fee
/fiː/
There is a small fee for transfers abroad.
budget
/ˈbʌdʒɪt/
Liam keeps to a monthly budget.
What are the common mistakes?
Incorrect
Correct
Why
"I need to withdraw money into my account."
"I need to deposit money into my account."
You deposit money in and withdraw money out.
"Maya saved in a better drawing tablet."
"Maya invested in a better drawing tablet."
You save money, but you invest in something.
"High rent creates economy pressure for families."
"High rent creates economic pressure for families."
To describe something as about the economy, use economic.