When there isn’t enough money to cover all expenses.

The new term for budgeting, and involves understanding your income and tracking your expenses, establishing short and long-term savings and spending goals, and building good credit.

Something you must have to survive, like a place to live and enough food to eat.

Something you might like to have, but you don’t need it to survive and you don’t have to have right away.

Those ideas and beliefs that really matter to each of us.

Money coming in.

Money going out.

The difference between your income and your expenses.

The money you receive from a job. Or, active income.

The money you receive that does not come from a job. Or, passive income.

Government programs that pay for for food, housing, utilities, medical care and other basic items.

A card that allows you to purchase items now, and pay for them later.

The amount you take home, after taxes and other deductions have been taken out of your total earnings.

The total amount of your earned income.