Budgeting Vocab

Contract between landlord and tenant.

• mortgage

• agreement

• residential lease

• lease

Costs that change month to month - food, electricity, gas..

• fixed expenses

• deductions

• fixed costs

• variable expenses

Total value of money and assets less outstanding debt.

• income

• wealth

• needs

• wage

Plan of your income and how you will meet your expenses.

• budget

• income

• wealth

• pay yourself first

Amount of pay paid to an employee per hour.

• incme

• salary

• wage

• gross pay

Products, services, or bills you pay.

• expenses

• needs

• wants

• wealth

Items subtracted from paycheck like taxes and healthcare.

• expenses

• deductions

• net pay

• variable expenses

Financial plan that allocates 50% to needs, 30% to wants, and 20% to savings and debt.

• budget

• pay yourself first

• passive income

• 50/30/20

Things needed to survive.

• income

• wants

• wealth

• needs

Costs at regular intervals that remain the same such as rent, car insurance, car payments..

• variable expenses

• fixed expenses

• deductions

• budget