Budgeting Vocabulary

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

• Discretionary Income
• Expenditures
• Budget

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

• Discretionary Income
• Expenditures
• Budget

Money that is spent on goods, services and bills.

• Discretionary Income
• Expenditures
• Budget

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

• Variable Expenses
• Fixed Expenses

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

• Variable Expenses
• Fixed Expenses

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

• True
• False

Plans that take a year or more to accomplish.

• Short Term Goals
• Long Term Goals

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

• Short Term Goals
• Long Term Goals

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

• Needs
• Wants

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

• Needs
• Wants