Budgeting Vocabulary

^Wants

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

Budget

• Anything that you might incur an expense for

• Is a spending plan for managing your money that includes income and expenses

• All expenses deducted from income before net pay can result.

• Income after all deductions have been paid.

Total monthly income

• Income from only one source

• Total income of your parents and siblings added to your income.

• Income from all possible sources.

• A spending plan of expenses

Needs

• Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

• Things you would like to have but are not necessary for life.

• Income from all sources that are spent for necessary items

• Anything that you might incur an expense for.

Total Expenses

• Is a spending lan for managing your money that includes income and expenses.

• All expenses deducted from income before net pay can result

• Expenses tat remain the same month after month such as mortgages, rent, car payments & insurances

• Expenses that equal all the fixed expenses and variable expenses

Pay Stub

• Expenses that increase/decrease monthly or yearly EX: TV provider, internet, food, entertainment, utilities

• Hard or electronic copy of earnings that show all deductions and results in net pay

• Federal or State tax on your gross income

• Income left over after paying all expenses for the month or year.

Fixed expenses

• Is a spending plan for managing your money

• Income from all possible sources

• Expenses that equal all the fixed & variable expenses.

• Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances

Liabilities

• Anything that you might incur an expense for.

• All expenses deducted from income before net pay can result.

• Income left over after paying all expenses for he month or year

• Income from all possible sources.

Variable expenses

• Necessary things or items that are paid monthly

• Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

• Is a spending plan for managing your money that includes income and expenses.

• Expenses that remain the same over a period of time.

Deductions

• Hard or electronic copy of earnings

• Anything that you might incur an expense for

• All expenses deducted from gross pay that results in net pay.

• Federal or state tax paid after net pay is received