Budgeting Basics
This term refers to a financial plan outlining income and expenses for a specific period.
A Budget
What is an emergency fund?
This term describes money set aside to use only for unexpected situations.
When you buy something you really need, like food or clothes.
A need
What does the "c" in FWC stand for
What is a fixed expense?
This type of expense, like rent or mortgage payments, remains the same each month.
This type of account often earns interest but is easy to withdraw from when needed.
savings account
When you spend money on things you don’t need but want to have.
A want
True or false, the FWC team are trained professionals
No
The process of allocating specific amounts of cash for different spending categories, often using envelopes.
The Envelope Method
This helps you remember not to spend the money you are saving.
Savings goals
The money you owe when you borrow from someone or a company.
Debt
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We are completely virtual
This budgeting rule suggests allocating 50% of income to needs, 30% to wants, and 20% to savings and debt repayment.
The Zero Based Budget Method
What is a short-term goal?
Setting a goal to save for something you want to buy soon, like next month.
The amount of money you make before taxes are taken out.
gross income
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What is zero-based budgeting?
A method of budgeting where you categorize each dollar of income into specific spending categories.
The "A" in SMART stands for making sure your goal is something you can actually do.
What is Achievable or Attainable?
What is an asset?
This word describes anything you own that is worth money, like a house or a car.
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