Household money has a lot of jargon. Here are the words Australians meet most often on bills, insurance and budgets, each explained in a few plain sentences with a link to read more.
Written by Alex BPublished 13 November 2026
Money Detective is built around practical household money tools for Australians.
These are general definitions, not advice about your situation. Where a word depends on your state, your provider or your policy, check your own bill or documents. If you want somewhere to use these words, the free fortnightly budget template is an Excel spreadsheet that plans each pay and tracks what you actually spend.
For how Money Detective's own tools and spreadsheets treat the figures you enter, see how our tools work, and the Money Detective home page has our free tools and guides.
Buffer · Buy now pay later (BNPL) · Controlled load · Council rates · Debt avalanche · Debt snowball · Default market offer (DMO) · Excess · Extras · Feed-in tariff · Pay cycle · Rego · Safe to spend · Sinking fund · Sum insured · Supply charge · Usage rate
Money you leave unspent so a late bill or a bigger shop does not leave you short before your next pay. See a worked pay cycle with a buffer.
Paying for a purchase in instalments, usually over a few weeks. Moneysmart says you do not pay interest on the purchase, but fees can apply, such as late fees. See how to put buy now pay later in your budget, or Moneysmart on buy now pay later services.
A separate electricity charge for certain appliances, such as an electric hot water system or underfloor heating, on their own circuit and metered separately. Look for it on your bill. Energy Made Easy explains what a controlled load is, and our guide to reading your electricity bill shows where to find it.
Charges from your local council on a property, to help pay for local services. How and when they are billed varies by council. See council rates in Australia.
A way to pay off several debts: you make the minimum payment on every debt, then put any extra money on the debt with the highest interest rate first. See the Debt Payoff Planner, an Excel spreadsheet that compares avalanche and snowball.
A way to pay off several debts: you make the minimum payment on every debt, then put any extra money on the smallest balance first. Many people like it because small debts disappear quickly. The Debt Payoff Planner compares it with the avalanche method in Excel.
The maximum price electricity retailers can charge on a standing offer, set by the Australian Energy Regulator. It applies in New South Wales, South East Queensland and South Australia. Victoria has its own default offer. Read the regulator's explanation of the Default Market Offer.
The amount you pay towards a claim before your insurer pays the rest. A higher excess can mean a lower premium, but a bigger bill when you claim. See what to check before switching insurers.
Private health insurance cover for out-of-hospital treatments such as physiotherapy, optical and dental. Moneysmart explains types of health insurance, including extras cover and hospital cover.
The amount your electricity retailer credits you for each kilowatt-hour of unused solar energy you send to the grid. Some plans pay less after a daily limit. See why your solar credit can drop off.
How often you are paid, and the stretch of days from one pay to the next. It might be weekly, fortnightly, every four weeks or monthly. See how to budget fortnightly and the payday budget guide.
Vehicle registration, the fee you pay to keep a car legally on the road. It is set by each state and territory, so the price depends on where you live. See how each state builds the price of car rego.
An estimate of the money you can spend before your next pay without touching money that already has a job. It is based on the figures you enter, so it is only as good as those figures. See what safe to spend means, or try the free Payday Check.
Money you put aside a little at a time for a cost you know is coming, such as rego, rates or a holiday. See how to set up sinking funds.
The most your insurer will pay for a covered loss. For home insurance, it should be enough to rebuild the property. See what to check before switching insurers.
A fixed daily charge for being connected to the electricity grid, whether or not you use any power. It appears on your bill alongside the usage rate. See supply charge vs usage rate.
The price you pay for each kilowatt-hour (kWh) of electricity you use. Your bill total is the usage rate multiplied by what you used, plus the supply charge. See supply charge vs usage rate.
If there is a household money word you would like explained, tell us through the contact page.
This page provides general information only. It does not take into account your personal objectives, financial situation or needs, and it is not financial advice. Definitions are simplified. Check your own bill, policy or contract, and seek independent advice if you need it, before making financial decisions.