Another FAQ from reddit.

I’m not very experienced in terms of magic systems. So I thought about going sort of Final Fantasy (black, blue, red, white) classification. Can I use latin names for my spells? Is it tacky? I can’t think of imaginative ways to name my spells rather than that. Will it sound too Harry Potter-esque?

Spells have been done in all sorts of unique and interesting ways, from ingesting pieces of metal in the Mistborn series, to land magic in MTG, transmutation alchemy in “Full Metal Alchemist” and energy magic in Krynn.

The most common magic system is based on the mind and/or elemental magic. The red/blue/red of Final Fantasy is one of them.

For a magic system of your own you can borrow from the classics and adjust it, or you can create your own and make up your own names for it. Latin is perfectly fine and has been used before. It is not tacky, though some might think it’s over done. (Besides, “tacky” is in the eye of the beholder and I happen to love several series where the wizard yells out a spell word/name to cast. Like Dresden.)

To create your own magic system I suggest starting with these questions: 
What does it cost to cast?
How is it cast? (words, items, gestures, etc.)
What does it feed on?
What does it effect?
Who can cast?
What is the negative side of the magic?

This should get you on the right track.