Budgeting Vocabulary

Front

A record of income and spending and a plan for managing money.

Back

Budget

Front

Money available to spend on goods and services that are not essential.

Back

Discretionary Income

Front

Money that is spent on goods, services and bills.

Back

Expenditures

Front

Expenses that do not change from month to month, such as auto insurance or rent.

Back

Fixed Expenses

Front

Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills.

Back

Variable Expenses

Front

Making a purchase based on an immediate want or due to the pressure of advertising is considered Impulse Buying.

Back

True

Front

Plans that take a year or more to accomplish.

Back

Long Term Goals

Front

Plans that can be accomplished within three months to a year.

Back

Short Term Goals

Front

Goods or services that people cannot survive without, such as water, food, shelter and clothing.

Back

Needs

Front

Goods or services that make people more comfortable or content, but which are not necessary for survival.

Back

Wants