Budgeting Flashcards

Front

What is a balanced budget?

Back

A plan where your income is equal to or greater than your expenses.

Front

What is an emergency fund?

Back

Money set aside for unexpected costs, like a medical bill or car repair.

Front

What are needs?

Back

Things you must have to survive, like food, shelter, and clothing.

Front

What is disposable income?

Back

The money you have left after paying taxes and other essential bills.

Front

What is a donation?

Back

Giving money or goods to a charity or cause.

Front

What is a financial plan?

Back

A strategy for managing your money to reach your goals.

Front

What are spending habits?

Back

How you usually spend your money.

Front

What does 'Pay Yourself First' mean?

Back

Setting aside money for savings before you spend on other things.

Front

What is a budget?

Back

A plan for how you will spend and save your money.

Front

What are flexible expenses?

Back

Expenses that can change from month to month, like entertainment or dining out.