Budgeting Basics Vocabulary Review

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50% Needs, 30% Wants, 20% Savings

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The way income is used or divided up in the "50/20/30 Rule" of budgeting.

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Cell Phone/Tablet

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An example of a want for a younger child but possibly a need for a teen with a job? Options: Cell Phone/Tablet, New Game System, or a Spotify Account?

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Allowance

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Money a child or teen receives on a regular basis from their parents, possibly for doing chores.

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Wants

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Things you would like to have, that would make life better or easier, but are NOT NECESSARY for your survival, well-being, or success.

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Expenses

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Anything you have to pay for, such as rent, electricity, gas, phone, and groceries.

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Savings

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Money that is not spent but rather set aside for future short- or long-term goals or emergencies.

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Bills

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Debts you owe for goods (e.g., food, games, or clothes) or services (e.g., a haircut) that you are expected to pay.

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Budget

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A plan for spending and saving income during a set period of time.

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Pay Yourself First

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A way of looking looking at money management where you are sure to put money into saving before allocating it for the wants/spending portion of your budget.

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Income

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Any money that comes into your household during a budgeting cycle.