Unit 7: Budgeting

Front

A plan of expected income and how you will spend it based on a month

Back

budget

Front

Expenses that are essential for you to be able to live and function

Back

needs

Front

A budgeting method where money for monthly spending is taken out in cash and placed in labeled envelopes according to budget categories

Back

cash envelope budget

Front

A term used to reference electric, water, gas, and other services.

Back

utilities

Front

Amount of money needed to sustain a certain level of living including basic expenses

Back

cost of living

Front

Items of services you pay for such as rent, food, bills

Back

expenses

Front

Expenses which stay basically the same from month to month

Back

fixed expense

Front

A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money.

Back

pay yourself first

Front

Giving up one want in order to satisfy another

Back

trade-offs

Front

A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment.

Back

50/30/20