Budget Vocabulary

Money that you earn (“Money In”)

• payment

• expenses

• income

• budget

money that you spend or give away (“Money Out”)

• income

• savings

• overspending

• expenses

money that you put away or put in the bank to use later; a plan for buying future wants or needs

• income

• savings

• insurance

• expenses

using more money than you have available

• income

• savings

• insurance

• overspending

a plan for spending money and saving

• budget

• savings

• insurance

• overspending

Buying the things we need (clothing, food)

Buying things we want (games, toys)

Giving to others (gifts, donations)

• budget

• savings

• expenses

• overspending

Budgeting can help prevent impulse buying.

• True

• False

Creating a budget plan can help you save money.

• True

• False

A budget plan is meant to make you overspend your income.

• True

• False

A budget helps you keep track of how you spend your money.

• True

• False