Inflation
The rate at which prices rise over time.
Interest Rate
The percentage charged for borrowing, or earned on savings.
Depreciation
How much value an asset loses over time.
Tax Bands
The income thresholds that decide what rate of tax you pay.
Personal Allowance
The amount you can earn each year before paying any income tax.
National Insurance
A tax on your earnings that funds the NHS, state pension, and other benefits.
Net Worth
Everything you own minus everything you owe.
Opportunity Cost
What you give up when you choose to do one thing instead of another.