Budgeting NGPF

Definition: The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.)

• Expenses

• Income

• Utilities

• Wants

Definition: When your income exceeds your expenses and you have money leftover

• Shortage

• Deficit

• Surplus

• Budget

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

• Net Pay

• Gross Pay

• Salary

• Deduction

A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)

• Fixed Expense

• Wage

• Fixed Income

• Variable Expense

A cost that appears irregularly or that changes in amount (e.g., utility bills)

• Variable Expense

• Income

• Variable Income

• Fixed Expense

A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money

• Budget

• Variable Expense

• Pay Yourself First

• Fixed Expense

Definition: Money that is received from work, investments, business, etc.

• Wealth

• Income

• Expenses

• Budget

Definition: Buses, trains, subways, and other forms of transportation that charge set fares, run on fixed routes, and are available to the public.

• Public Transportation

• Providing Retirement Benefits

• Lions In A Zoo

• A College Education

Definition: A contract between a tenant and a landlord providing the terms and costs for renting the property

• Sublease

• Sandwich Lease

• Variable Expense

• Residential Lease

A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase. The buyer will often take out a loan to finance the remaining balance.

• Down Payment

• Unit Price

• Fixed Expense

• Renters Insurance