Budgeting Vocab

A plan of your expected income and how you will use it to meet your expected expenses over a period of time.

• Budget

• Cost of Living

• Salary

• Wage

The amount of money needed to sustain a certain level of living.

• Cost of Living

• Gig Economy

• Expenses

• Budget

The definition of a gig economy is....

• A labor market where the majority of people have short-term jobs or gigs such as freelancing and temp jobs rather than long-term employment

• When your income exceeds your expenses and you have money leftover

• Cost that appears irregularly or that changes in amount

• Financial plan where money for all variable spending is taken out in cash and placed in labeled envelopes by budget category and then spending occurs only from the envelopes

The cost for one item or measurement that allows it to be easily compared to other products to evaluate which is a better deal

• Unit Price

• Wage

• Expense

• Variable Expense

An amount of money paid to an employee at a specific rate per hour worked.

• Salary

• Wage

A fixed amount of money paid to an employee for each pay period.

• Wage

• Salary

Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions

• Deduction

• Deficit

• Gross Pay

• Income

When your expenses exceed your income

• Deficit

• Expenses

• Fixed Expenses

• Net Pay

An independent contractor who provides a specific service for a certain period of time so after that service is fulfilled they no longer work with the company.

Products, services, or bills you are responsible for paying

• Expenses

• Wealth

• Budget