Budgeting Vocab

Front

A plan of your expected income and how you will use it to meet your expected expenses over a period of time

Back

Budget

Front

Items or services you pay for such as rent, groceries, entertainment, bills, etc.

Back

Expenses

Front

Total earnings before any deductions are taken

Back

Gross Pay

Front

Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay

Back

Net Pay

Front

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

Back

Needs

Front

Expenses that help you live more comfortably

Back

Wants

Front

A cost that can be expected at regular intervals and that remains the SAME amount (e.g., monthly rent payment)

Back

Fixed Expense

Front

Any cost incurred on a REGULAR basis.

Back

Recurring Expense

Front

An expense that incurs IRREGULARLY.

Back

Non-Recurring Expense

Front

Most frustrating kind of expenses. These are for the most part unpredictable. You don't know when they hit or what they'll cost you, but you will most definitely feel it when they do.

Back

Whammy Expense