Vocabulary
Income/Fixed/Flexible
Recommended Pie Chart
Acronym
Miscellaneous
100
Something unnecessary, but DESIRED.
What is a Want?
100
Wages
What is an Income?
100
According to the Recommended Pie Chart, you should budget 7% towards this.
What is Insurance?
100
A
What is Attainable?
100
Assets - Liabilities will give you this.
What is Net Worth?
200
This is money earned.
What is an Income?
200
Rent.
What is Fixed Expense?
200
According to the recommended pie chart, you should budget 10% towards this.
What is Transportation?
200
S
What is Specific?
200
Usually concurrent with an individual’s pay day (Hint: When does a person get paid? Two answers needed for this.)
What is Monthly and Bi-Monthly?
300
PROCESS individuals engage in TO ACHIEVE LONG-TERM FINANCIAL SUCCESS
What is Financial Planning?
300
Groceries.
What is Flexible Expense?
300
According to the Recommended Pie Chart, you should budget 30% towards this.
What is Housing?
300
R
What is Relistic?
300
Health, Disability and Life falls under this.
What is Insurance?
400
A fundamental belief about what is desirable, worthwhile, and IMPORTANT TO AN INDIVIDUAL
What is a Value?
400
Car Payment.
What is a Fixed Expense?
400
According to the Recommended Pie Chart, you should budget 15% towards this.
What is Food?
400
T
What is Time-Bound?
400
It is recommended to keep 3-6 months of income under this category of the Budgeting Pie Chart.
What is Savings & Investing?
500
is a paper or electronic document used to RECORD BOTH PLANNED AND ACTUAL INCOME.
What is a Spending Plan?
500
Tips.
What is Income?
500
According to the Recommended Pie Chart, you should budget 20% towards this.
What is Transportation?
500
M
What is Measurable?
500
Carrying a small notebook and writing down all expenses. Keep all receipts. Use a debit card if your depository institution creates spending reports for your account. Input information into a cell phone All of these are part of this type of method.
What is a Tracking Method?
M
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