Money words explained

Plain explanations of the money words you see in Finsplore and in this Help Centre.

Your accounts

Statement: A record from your bank of the money that went in and out of an account over a period. You import statements to add accounts to Finsplore.
CSV: A common file type for statements. It is a table of your transactions that most banks let you download. Finsplore also reads OFX, QFX (Quicken's OFX format), QIF, MT940, camt.053 and PDF files.
BSB: The six-digit number that identifies an Australian bank and branch. It appears with your account number.
Transaction: One payment in or out of an account, such as your pay or a grocery shop.
Category: The type of spending a transaction belongs to, such as groceries or transport. Finsplore picks one for every transaction, and you can change it.

Net worth: Everything you own minus everything you owe, in one number.
Budget: A plan for how much you want to spend in a category over a week, fortnight, month, quarter or year.
Goal: Something you are saving towards, with a target amount and a date.
Emergency fund: Money set aside for unexpected costs, such as a car repair or time off work.
Super: Superannuation, the money you save for retirement through your job. It is usually kept in a super fund until you retire.
FIRE: Short for Financial Independence, Retire Early. A plan to save and invest enough that you could stop working earlier than usual.

Open banking: A way for you to let your bank share your account information with another service, such as a budgeting app, without giving out your bank password. Finsplore does not use open banking connections at the moment; you add accounts by importing statements.
CDR: The Consumer Data Right, the Australian law behind open banking. It sets the rules for how your data can be shared, and only with your consent.

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