1
A written record of the money that flows in and out of your household each month
Budget
Money earned through employment or through benifits
Income
Money spent to buy goods and pay for services
Expenses
Money put away into a bank to use for later
Savings
Wants
Things you must have to survive (food, water, shelter) or to have personal success
Needs
An arrangement you make with your bank which allows you to keep your money in a safe place and take it out when you need it
Bank Account
Type of expenses that stay the same each month
Fixed Expenses
The amount of money in your bank account
Bank Balance
A bank account that you can usually take money from at any time
Checking Account
A bank account which you usually put money in for a longer period of time. It may earn interest.
Savings Account
A plastic card you use to get money from your bank account(s)
Debit Card
Type of expenses that change each month
Variable Expenses
A machine often found on a wall outside of a bank where you can withdraw from / deposit into your bank account
ATM – Automated Teller Machine
The money you put into your bank account
Deposit
The money you take out of a bank account
Withdrawal
Money that you spend on using a plastic card that must be repaid
Credit Card
3 or 4 digit number on your bank to help you secure or verify your money
CVV # or CVC (Card Verification Value)
A printed record of money put into and removed from a bank account
Bank Statement
a person who owns a building
landlord
Why is it important to keep a budget?
keep track of spending so you don't go broke!
money paid to a landlord for living in an apartment or house
rent
What is a good way to manage money?
budget
A written request for money for something you have bought or used
Bill
Food, water, and shelter are examples of what?
Basic Needs