Budgeting

Front

How do wages and salary differ?

Back

Salary describes what you earn on an annual basis

Front

Why is it important to have a personal budget?

Back

It helps manage finances, achieve goals, and ensure financial stability.

Front

What is the purpose of planned spending in a personal budget?

Back

To ensure money is allocated for specific needs and expenses.

Front

What are examples of expenses in a personal budget?

Back

bills, groceries, rent/mortgage payments, transportation costs, healthcare expenses

Front

What is the main purpose of saving in a personal budget?

Back

To build a financial cushion and achieve specific financial goals.

Front

How does a personal budget contribute to financial stability?

Back

By ensuring spending is aligned with income and savings goals.

Front

What are the components of a personal budget?

Back

income, planned spending, expenses, and saving

Front

What does 'income' refer to in a personal budget?

Back

money earned or received regularly

Front

What is 'planned spending' in a personal budget?

Back

allocating money for specific purposes or expenses

Front

What are 'expenses' in a personal budget?

Back

costs incurred in daily life or for specific needs