Personal Finance - Intro

A plan for spending and saving income during a set period of time.

• 401k Retirement Account

• Net pay

• Budget

• Social Security

Things you would like to have but are not necessary.

• Bills

• Savings

• Wants

• Needs

Rent, electricity, gas, phone, groceries are examples of costs which are called what?

• Income

• Expenses

• Taxes

• Wants

The total amount of money you receive in a paycheck before anything is taken out is called what?

• Net Pay/Income

• Savings

• Income Taxes

• Gross Pay/Income

Total Expenses

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

• All expenses deducted from income before net pay can result

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

• Expenses that equal all the fixed expenses and variable expenses

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 same month after month EX: mortgages, rent, car payments insurances