Budget Vocab

What does PYF stand for?

• Pass Your Food

• Please Yes Front

• Pay Yourself First

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

• Wants

• Needs

• Things

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

• Fixed Expenses

• Impulse Buying

• Opportunity Cost

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

• Short-term goal

• Impulse Buying

• Wants

Plans that take a year or more to accomplish.

• Expenditures

• Budgeting

• Long-Term Goals

Money that is spent on goods, services and bills.

• Expenditures

• Wants

• Budgeting

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

• Budget

• Discretionary Income

• Impulse Buying

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

• Variable Expenses

• Scarcity

• Opportunity Cost

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

• Wants

• Long-Term Goals

• Impulse Buying

The next best alternative given up when making a financial choice.

• Short-Term Goals

• Opportunity Cost

• Expenditures