When your income exceeds your expenses and you have money leftover.

Financial plan where every anticipated earning is assigned a role to be spent, saved or invested somewhere, so there's no "leftover" money with no purpose

A fixed amount of money is paid to an employee for each pay period.

An amount of money paid to an employee at a specific rate per hour worked.

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

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

Money that is earned from work, investments, business, etc.

When your expenses exceed your income

Products, services, or bills you are responsible for paying

Nonessential purchases a person wants to feel happy, make life convenient, fit in with peers, etc.

The total value of money and other assets, minus outstanding debts.

Total earnings after payroll taxes and other deductions; also called take-home pay

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

To automatically save a specified amount from your paycheck before budgeting it into any other category

Purchases a person must have to live or succeed or bills that must be paid to remain in good standing

Total earnings before any deductions are taken