MONEY Vocabulary: Common Phrasal Verbs about Money

1. Pay off

Meaning: To finish paying all the money you owed for something

Example Sentences: 

  • Don't borrow money to pay off your debts without thinking carefully.
  • He managed to pay off all his debts and had a good plan to return at least a portion of his investors' capital.
  • We paid off our mortgage after fifteen years.

Note: mortgage - a legal agreement in which you borrow money from a bank in order to buy a house.


2. Rip off

Meaning: To cheat someone, especially by charging them too much money for something


Example Sentences: 

  • Tourists are worried they’ll get ripped off by the locals.
  • Tourists complain of being ripped off by local taxi drivers.


3. Save up

Meaning: To regularly put money in a bank or keeping money and not spending it so that you can use it later


Example Sentences:

  • My parents are saving up for a trip to New York.
  • She spent all the money I had saved up for our trip.
  • I’m saving up for a new car.


4. Pay back

Meaning: To give someone the same amount of money that you borrowed from them


Example Sentences: 

  • Don't worry, I'll pay you back next week.
  • I don’t think we can afford to pay the full amount back now.
  • She’ll pay us the rest back when she gets her paycheck.


Note: paycheck - a salary or income (N. America)

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