We’re coming to the end of the calendar year and I thought I was doing pretty well against my budget. You see our fiscal year ends in December too. So I told the controller that we were coming in under budget. But she wasn’t happy. She said go spend that money. This is “use it or lose it” time.
I’m Paul Preston and this is 3 Minute English, a podcast in English about English for English learners.
I learned a little bit about finance in my conversation with our controller! I thought being under budget was a good thing! But she said, “Use it or lose it”. Have you heard this phrase before?
Well, let’s talk about some of the vocabulary used in the financial department first. I mentioned that the fiscal year ends in December. The word fiscal is an adjective that refers to taxes or government money. So a fiscal year refers to the tax year. It is often different from the calendar year. Of course, the calendar year goes from January to December. Fiscal years are often different. Depending on the country or the company fiscal years can end in December or March or even July!
So our fiscal year ends in December, just like the calendar year. But I still have a lot of money in my budget. So the controller said, “use it or lose it.” What she means is that if I don’t spend all that money by the end of the fiscal year, the finance department is going to take that money back! So I better go spend it! Oh, and if our controller is listening, now, Don’t worry! Of course, I’ll use it responsibly and I’ll stay under budget.
So, “use it or lose it!” It’s a phrase you might hear more often as we near the end of the calendar year!
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