Budgeting Vocabulary Fin Lit

Front

Budget

Back

A plan for managing income and expenses over a specific period.

Front

Income

Back

Money received, typically from work, investments, or allowances.

Front

Expenses

Back

Costs or charges incurred for goods or services.

Front

Fixed Expenses

Back

Regular costs that remain constant, such as rent or car payments.

Front

Variable Expenses

Back

Costs that fluctuate, like groceries or entertainment.

Front

Savings

Back

Money set aside for future use or emergencies.

Front

Debt

Back

Money owed to another party, often with interest.

Front

Interest

Back

The cost of borrowing money, or the return on savings/investments.

Front

Credit

Back

The ability to borrow money or access goods/services with the promise to pay later.

Front

Discretionary Income

Back

Money left over after paying for necessities and obligations.