OK, deep breath…
You live in a HUG home and you’re MASH, and you’re doing an NSD once a week. You’re also a moonlighter because all your money is going on BREAD and you’re guilty about your SNAP habit.
While you JABS, you’re thinking of becoming a hack hustler to boost your income and SALE to save for Christmas.
Confused? You’re not alone. With buzzwords and acronyms used frequently on social media – and some even making the dictionary – it can be difficult to keep up.
But learning the lingo matters. Some 47 per cent of Brits have such low financial literacy that it costs us £1.3 billion a year in avoidable fees and charges.
Don’t panic! This week Alley Einstein reveals an essential money jargon cheat sheet. How many terms do YOU know?
The crazy jargon A-M
ALICE: Asset Limited, Income Constrained, Employed. Those who work, but their income is eaten up by household bills, and they don’t have a lot of savings. More than 7 million Brits including 2.6 million children live on the breadline or in poverty despite being working families, according to the Joseph Rowntree Foundation.
BALL: Basic Allowance Lost to Living. Refers to the shortfall between the amount that households get in benefit payments and the amount they are spending on essential bills.
BREAD: Bills, Rent, Energy And Debts. A term self-employed workers may use. The formula for working out how much you need to make on a job in order to cover your essential bills.
DINK: Double Income No Kids Yet. Couples who don’t have children and have more disposable income. They have a reputation for splashing the cash, but many choose not to have children or have them when they’re older because they can’t afford childcare.
FAT: Financially At Tipping point. Refers to households on the breadline who are at risk of falling into poverty. There are almost 14.3 million people in this position according to DWP estimates.
HENRY: High Earner, Not Rich Yet. Those who earn solid, six-figure salaries but feel skint because of the UK tax system and the high cost of funding their lifestyle. It’s estimated there could be as many as three million HENRYs, according to YouGov.
HUG home: House Units of Generations. A new housing trend where grandparents, parents and kids all live under one roof to save money by splitting rent or mortgage payments, energy costs and childcare bills.
JABS: Juggling All Bills Simultaneously. Refers to households who have lots of outgoings to cover, such as childcare and mortgage bills. Many will create a budget listing the date of their outgoings just to keep track.
MAD: Mum Against Debt. Refers to mums on the breadline and racking up debt. Around 2 million mum-led households are in debt, according to Gingerbread and the ONS.
MASH: Middle-aged, Still at Home. The proportion of 25-34 year olds living at home with mum and dad has gone up by more than a third in nearly 20 years, according to the Institute for Fiscal Studies. Many choose to live at home to avoid the high cost of living alone.
Moonlighter: Someone who takes on a second job and works night shifts to supplement their main income.
… and the mad buzzwords N-Z
Nester: Someone who runs side hustles from the family home. This could be anything from building a small business like baking cakes to sell, to dog sitting in their own home.
NSD: No Spend Day. A classic savings method where you don’t pay for anything for one day, usually once a week.
SAD: Stuck After Debt. Refers to those who have cleared their debt but are still struggling to get a claim for credit or a loan, like a mortgage, accepted because of their credit history.
SALE: Stockpiling Ahead of Looming Expenses. Refers to bargain hunters who will buy Christmas or birthday presents early in the sales, and shoppers who will bulk buy essential groceries while an offer is on.
SHINER: Side Hustlers Habitually Investing, Nurturing income and Exiting early. A growing number of workers are ditching a 9-5 job to pick up side hustles and multiple income streams to build wealth. Many aim to retire or cut back their work hours when they hit 40.
SILK: Single Income Lots of Kids. There are approximately 1.2 million single parent households with three or more children, says the Office for National Statistics.
SLOG: Self-Employed Living On Grit. Refers to the hustle culture of being your own boss to try and make ends meet as the average income for self-employed workers is £23k, compared to £36k for those working for a company.
SNAP: Spending Now, Anxiety Pending. Those who splurge on luxuries to treat themselves, knowing they can’t afford it.
Squiggly career: Line of work where you can move easily between different roles or industries because these roles don’t require you to have a degree.
SWIPE: Spending Wages In Pharmacy Everytime. Those who are spending a big chunk of their salary on weight loss jabs like Ozempic and Wegovy. Some 1.5 million people are estimated to be using fat jabs in the UK.
WOLFF: Well Off Living Frugally. Refers to middle class households who complain of being squeezed by the rising cost of living, and those who lose out on government help like child benefit because they earn too much.
Zombie debt: An old debt that has been sold onto a debt collection agency. They are not the same as bailiffs, and have no right to come into your home or take your belongings.
