Author Topic: Budgeting Acronyms  (Read 1234 times)

Offline asromzek

Budgeting Acronyms
« on: October 31, 2016, 10:22:37 AM »
The following is a list of common budgeting acronyms and their descriptions. New users are often confused by some of the terminology when following budget conversations. I plan to keep this list updated, so let me know if you are aware of an acronym that is missing from the list.

  • AOM   - Age Of Money: Joel's favorite metric. Ask him, and he'll tell you all about it!
  • APR   - Annual Percentage Rate: The annual rate of interest without taking into account the compounding of interest within that year.
  • APY   - Annual Percentage Yield: The annual rate of interest which does take into account the compounding of interest within that year.
  • ATB   - Available To Budget: The amount of money you have available to budget in Financier.
  • FICO  - (F)air (I)saac (CO)rporation is the largest and best known of several companies that provide software for calculating a person's various credit scores. (FICO Scores)
  • IANAE - I Am Not An Expert: Disclaimer when offering advice.
  • PF    - Personal Finance: Should be self explanatory.
  • PIF   - Paid In Full: Refers to a credit card that is paid off every month to avoid accruing interest charges.
  • PMI   - Primary Mortgage Insurance: An insurance policy that pays the lender if the borrower defaults.
  • TBB   - To Be Budgeted: The amount of money you have available to budget in YNAB, similar to ATB in Financier.
  • WAM   - Whack A Mole: The act of shifting money from one category to another to cover overspending.
  • YMMV  - Your Mileage May Vary: Extremely true with financial advice as everyone's circumstances are different.
  • YNAB  - You Need A Budget: Another budgeting software company.
« Last Edit: November 02, 2016, 01:32:44 PM by asromzek »
/s implied, unless stated otherwise.

Offline Joel

Re: Budgeting Acronyms
« Reply #1 on: October 31, 2016, 10:58:14 AM »
WAM - Whack a mole
Biking and budgeting my way to early retirement!

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Offline Alex

Re: Budgeting Acronyms
« Reply #2 on: October 31, 2016, 11:46:43 AM »
Stickied!

PF - Personal Finance
YNAB - You Need a Budget
I am the Financier owner/admin/coder dude.

Offline Doomspark

Re: Budgeting Acronyms
« Reply #3 on: October 31, 2016, 06:25:01 PM »
Financial acronyms that aren't specifically related to budgeting.  These are probably not the best definitions, so feel free to clean them up.

APR - Annual Percentage Rate:  The interest rate on loans and credit cards. 
FICO score - Credit rating. The score ranges from 300 (abysmal) to 850 (splendiferous!).  A higher score generally means you can get better terms when seeking credit.
PMI - Primary Mortgage Insurance:  Usurious monthly fee charged by lenders to screw borrowers out of more money.  Ahem.  An insurance policy that pays the lender if the borrower defaults.
YMMV - Your mileage may vary.  Extremely true with financial advice as everyone's circumstances are different.
IANAE - "I am not an expert" - disclaimer when offering advice.
Understanding does not imply agreement.
Acceptance does not imply agreement.
Disagreement does not imply conflict.

Offline jenmas

Re: Budgeting Acronyms
« Reply #4 on: November 01, 2016, 04:27:55 PM »
minor commentary of FICO - I would say FICO scores (plural) as there are actually ~50 different FICO scores. This may explain why website A says your FICO is X and website B says it is Y.

Offline asromzek

Re: Budgeting Acronyms
« Reply #5 on: November 01, 2016, 08:03:26 PM »
minor commentary of FICO - I would say FICO scores (plural) as there are actually ~50 different FICO scores. This may explain why website A says your FICO is X and website B says it is Y.


@jenmas, better?


IANAE  ;)
/s implied, unless stated otherwise.

Offline jenmas

Re: Budgeting Acronyms
« Reply #6 on: November 01, 2016, 08:06:05 PM »
@asromzek - Perfect!

Offline Billy_McSkintos

Re: Budgeting Acronyms
« Reply #7 on: November 01, 2016, 10:06:14 PM »
PMI - Primary Mortgage Insurance:  Usurious monthly fee charged by lenders to screw borrowers out of more money.  Ahem.  An insurance policy that pays the lender if the borrower defaults.

Perhaps MIP - The FHA equivalent (if it still exists) that one must request be removed once the LTV (Loan to Value) is below 78% AND 5 years has passed.

I think there is also UFMIP (Up Front MIP) too???

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Offline Billy_McSkintos

Re: Budgeting Acronyms
« Reply #8 on: November 02, 2016, 01:11:19 PM »
AOM - Age of Money
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Offline Joel

Re: Budgeting Acronyms
« Reply #9 on: November 02, 2016, 01:15:21 PM »
AOM - Age of Money

No. that's not an acronym worth mentioning.  ;D

Could the forum change any instance of "AOM" or "Age of Money" to "Jesse's flaming pile of bs"?
« Last Edit: November 02, 2016, 04:19:35 PM by Alex »
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Offline jeremiahsvow

Re: Budgeting Acronyms
« Reply #10 on: November 02, 2016, 01:17:47 PM »
AOM - Age of Money

No. that's not an acronym worth mentioning.

Could the forum change any instance of "AOM" or "Age of Money" to "Jesse's flaming pile of bs"?

LOL!
« Last Edit: November 02, 2016, 04:19:46 PM by Alex »

Offline asromzek

Re: Budgeting Acronyms
« Reply #11 on: November 02, 2016, 01:30:36 PM »
/s implied, unless stated otherwise.

Offline Joel

Re: Budgeting Acronyms
« Reply #12 on: November 02, 2016, 01:38:28 PM »
Biking and budgeting my way to early retirement!

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Offline asromzek

Re: Budgeting Acronyms
« Reply #13 on: November 02, 2016, 01:46:23 PM »
AOM - Age of Money

Updated.

Haha. I like your update.


I trust that you can handle all inquiries on said subject matter? I don't feel as though I would use appropriate language when describing that particular acronym.
/s implied, unless stated otherwise.

Offline Joel

Re: Budgeting Acronyms
« Reply #14 on: November 02, 2016, 01:50:26 PM »
AOM - Age of Money

Updated.

Haha. I like your update.

I trust that you can handle all inquiries on said subject matter? I don't feel as though I would use appropriate language when describing that particular acronym.

We can just point them to nolesrule thread on the YNAB forums if anyone doesn't get it.
Biking and budgeting my way to early retirement!

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