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WorksheetsUnit 2 - Creating a Savings and a Spending Plan
Total questions: 11
Worksheet time: 4mins
A popular savings rule of thumb in which fifty percent of your income goes towards necessities, twenty percent goes towards saving and debt repayment, and thirty percent goes towards flexible spending
50-20-30 Rule
Budget
Standard of Living
Fixed Expenses
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
Budget
Cost of Living
Fixed Expenses
50-20-30 Rule
The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare; often used when comparing how expensive it is to live in one city versus another
Cost of Living
Budget
Gross Income
Net Income
An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest
Credit
Debt
Budget
Fixed Expenses
When you owe money to a person or a company
Debt
Deductions
Fixed Expenses
Variable Expenses
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions
Deductions
Fixed Expenses
Variable Expenses
Debt
Cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)
Fixed Expenses
Variable Expenses
Deductions
Debt
Total earnings before any deductions are taken
Gross Income
Net Income
Cost of Living
Budget
Total earnings after payroll taxes and other deductions; also called take-home pay
Net Income
Gross Income
Budget
Cost of Living
The degree of wealth and material comfort available to a person or community
Standard of Living
Cost of Living
50-20-30 Rule
Credit
Cost that appears irregularly or that changes in amount (e.g., utility bills)
Variable Expenses
Fixed Expenses
Debt
Deductions
