Budgeting Vocabulary

Front

Wants

Back

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

Front

Budget

Back

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

Front

Total monthly income

Back

Income from all possible sources.

Front

Needs

Back

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

Front

Total Expenses

Back

Expenses that equal all the fixed expenses and variable expenses

Front

Pay Stub

Back

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

Front

Fixed expenses

Back

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

Front

Liabilities

Back

Anything that you might incur an expense for.

Front

Variable expenses

Back

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

Front

Deductions

Back

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