Budgeting Basics: Understanding Money Management

variable

fixed

occasional

discretionary

immediate satisfaction

instant gratification

delayed gratification

spontaneous spending

savings account

emergency fund

investment portfolio

checking account

A) Spend all your money

B) Save for a vacation

C) Create an emergency fund

D) Buy something new every month

A) Rent

B) Groceries

C) Dining out

D) Utilities

short-term goal

long-term goal

immediate goal

temporary goal

deficit

neutral

surplus

excess

A) When you save more money than expected

B) When your expenses are more than your income

C) When your income equals your expenses

D) When you have extra money left over

A) Long-term goal

B) Short-term goal

C) Budget surplus

D) Fixed expense

A) Car payment

B) Internet bill

C) Electric bill

D) Savings account