Personal Savings

Definition

• The difference between personal disposable income and personal consumption spending.
• Money that is put aside, usually in a savings account, which is used for personal reasons at a later time.

Synonyms
saving up, individual savings, savings

Related Terms and Acronyms

• Chequing Account — Definition,
  • A bank account that allows quick access to the money in the account.
• Personal Consumption Spending — Definition,
  • What households collectively spend on goods and services.
• Personal Disposable Income — Definition,
  • Personal income minus personal income tax payments. Also called "take-home pay."
• Savings Account — Definition,
  • A financial account that pays interest with low risk.