CELPIP vocabulary: money, banking and bills
Everyday words and phrases for money, banking and bills that come up across CELPIP Listening, Reading, Writing and Speaking, each with its meaning, an example, similar words and a CELPIP tip. This is topic 6 of our 500 essential CELPIP words.
Nouns 21
budget
nounCLB 5/ˈbʌdʒɪt/A plan for spending money.
“We set a monthly budget for food.”
Similarspending planfinancial planallowanceCELPIP tip Pattern: on a budget, over budget, within budget. Handy in Speaking Task 5 cost comparisons.
expense
nounCLB 6/ɪkˈspens/Money spent on something.
“Rent is our biggest expense.”
SimilarcostexpenditureoutlayCELPIP tip Often plural: "living expenses", "travel expenses". More formal than "cost".
savings account
nounCLB 6A bank account that earns interest.
“I put $200 into my savings account every month.”
Similardeposit accounthigh-interest accountsavingsCELPIP tip Compare it with a chequing account to show money vocabulary in Speaking or Listening.
chequing account
nounCLB 7A bank account for daily payments.
“My pay goes into my chequing account.”
Similareveryday accountcurrent accountbank accountCELPIP tip Canadian spelling is "chequing"; US English says "checking account".
interest rate
nounCLB 7The percentage charged or earned on money.
“The interest rate on the loan is 6%.”
Similarratepercentagecost of borrowingCELPIP tip Pairs with "high", "low", "rise" or "fall". Common in Listening Part 3 about banking.
loan
nounCLB 6/loʊn/Money borrowed that must be repaid.
“He took out a loan to buy a car.”
SimilarcreditadvanceborrowingCELPIP tip You "take out", "apply for" or "pay back" a loan. Do not confuse it with "lend", the verb.
credit card
nounCLB 5A card for paying with borrowed money.
“Pay your credit card in full each month.”
Similarplasticcharge cardcardCELPIP tip "Pay off your credit card" means paying the full amount you owe.
debt
nounCLB 7/det/Money that you owe.
“She paid off her student debt in four years.”
Similarmoney owedliabilitiesbalanceCELPIP tip The "b" is silent: say "det". Common phrases: "in debt", "pay off debt".
instalment
nounCLB 8/ɪnˈstɔːlmənt/One of several regular payments.
“You can pay for the course in three instalments.”
Similarpaymentpart paymentmonthly paymentCELPIP tip Canadian spelling is "instalment" (US: installment). Pattern: pay in instalments.
transaction
nounCLB 8/trænˈzækʃən/A single payment or transfer.
“I didn't recognize a transaction on my statement.”
SimilarpaymenttransferdealCELPIP tip Use "unauthorized" or "unrecognized transaction" when reporting a bank problem.
balance
nounCLB 6/ˈbæləns/The amount in an account or still owed.
“Check your balance before you pay.”
Similaramount owedtotalremaining sumCELPIP tip "Outstanding balance" means money still owed; "account balance" is what you have.
statement
nounCLB 7/ˈsteɪtmənt/A monthly record of an account.
“Your statement is available online.”
Similaraccount summarybank recordmonthly reportCELPIP tip Pair it with "bank" or "credit card". Also means a formal declaration in other contexts.
late fee
nounCLB 6A charge for paying late.
“A $25 late fee will be added.”
Similarpenaltylate chargefineCELPIP tip Listen for the amount and the deadline in Listening Part 3 information about services.
direct deposit
nounCLB 7Pay sent straight into your bank account.
“Set up direct deposit with payroll.”
Similarautomatic depositelectronic depositpayroll depositCELPIP tip Use "set up" or "sign up for" direct deposit. Common in workplace emails and notices.
e-transfer
nounCLB 6/ˈiːtrænsfɜːr/A payment sent by email or phone.
“I'll send you an e-transfer for my share.”
SimilarInterac transferonline paymentmoney transferCELPIP tip A very Canadian term; "send an e-transfer" is natural for splitting costs with friends.
tax return
nounCLB 7A yearly form reporting income to the government.
“Don't forget to file your tax return by April 30.”
Similarincome tax returntax filingtax formCELPIP tip You "file" or "do" your tax return. Canada's usual deadline for most people is April 30.
deduction
nounCLB 8/dɪˈdʌkʃən/An amount taken off pay or tax.
“Check the deductions on your pay stub.”
Similarsubtractionwithholdingwrite-offCELPIP tip Plural "deductions" appears on pay stubs; check the context in Reading questions about pay.
subscription
nounCLB 6/səbˈskrɪpʃən/A regular payment for a service.
“I cancelled my magazine subscription.”
Similarmembershipplanregular paymentCELPIP tip Pattern: a subscription to a service. Cancelling a subscription is a common Writing Task 1 topic.
bill
nounCLB 5/bɪl/A request for payment.
“The phone bill went up this month.”
SimilarinvoicechargestatementCELPIP tip Canadians often say "hydro bill" for electricity. In a restaurant, ask for "the bill".
cost of living
nounCLB 7The money needed for basic expenses.
“The cost of living is higher in big cities.”
Similarliving costsexpensesprice of livingCELPIP tip Rising cost of living is a strong reason in Writing Task 2 arguments about spending.
financial advisor
nounCLB 8An expert who helps with money planning.
“A financial advisor helped us plan for retirement.”
Similarfinancial plannermoney advisorwealth managerCELPIP tip Canadian spelling accepts both "advisor" and "adviser". Good to suggest in Speaking Task 1 advice.
Verbs 2
afford
verbCLB 5/əˈfɔːrd/To have enough money for something.
“We can't afford a second car right now.”
Similarpay formanagebudget forCELPIP tip Usually with "can" or "can't": "We can't afford it." Follow with a noun or "to + verb".
withdraw
verbCLB 7/wɪðˈdrɔː/To take money out of an account.
“I withdrew $100 from the ATM.”
Similartake outdrawremoveCELPIP tip Irregular: withdraw, withdrew, withdrawn. The noun is "withdrawal".
Adjectives 1
overdue
adjectiveCLB 7/ˌoʊvərˈduː/Not paid by the due date.
“The electricity bill is two weeks overdue.”
Similarlateunpaidpast dueCELPIP tip Works for bills and library books alike. "Long overdue" also means something should have happened earlier.
Phrases 1
share the cost
phraseCLB 6For each person to pay part of the price.
“Let's share the cost of the cottage.”
Similarsplit the costgo halveschip inCELPIP tip Offering to share the cost sounds fair and persuasive in Speaking Task 5.
How to learn these words
- Skip the words you already use with confidence, and start with the ones at or just above your target CLB. Pick a level in Any CLB level to see only those.
- Say each example sentence out loud, then make your own sentence about your life.
- Open Flashcards to test yourself. Words you mark I know it drop out of the To learn view.
- Use two or three of the words on purpose in your next Speaking or Writing practice answer.
More CELPIP vocabulary by topic
- Housing and renting (25 words)
- Community and local life (25 words)
- Work and the workplace (25 words)
- Jobs and careers (25 words)
- Shopping and customer service (25 words)
- Transportation and commuting (25 words)
- Travel and holidays (25 words)
- Health and wellness (25 words)
- Education and children (25 words)
- Family, friends and social life (25 words)
- Food and eating out (25 words)
- Weather and the environment (25 words)
- Technology (25 words)
- News and current events (25 words)
- Events and free time (25 words)
- Requests, complaints and apologies (25 words)
- Opinions and persuasion (25 words)
- Describing pictures and scenes (25 words)
- Linking words (25 words)
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