Vocab
Protects you and your personal items from a big loss
What is insurance?
Money you borrow for a car
What is a loan?
Expenses that change from month to month
What are variable expenses?
PYF stands for
What is Pay Yourself First?
Money going OUT of your budget
What is expenses?
A fee for borrowing money
What is interest?
Money received for working or investing
What is an income?
Expenses that do not change from month to month
What are fixed expenses?
The first step in setting up a budget is to what
What is keep track of what you spend your money on?
Borrowing money from the bank for a house
What is a mortgage?
A spending plan used to manage your money
What is a budget?
An economic condition where prices go up
What is inflation?
Gas for your car is a _______ expense
What is a variable expense?
What is 30%?
Money saved for the time you can quit working
What is a retirement account?
Part of your income paid to the government
What are taxes?
Money set aside for emergencies
What are savings?
Car insurance is an example of a ______ expense
What is a fixed expense?
Process of deciding your values, setting goals and making plans
What is Planned Savings?
Putting "first things first" in a budget means:
Money saved in stocks or mutual funds
What are investments?
Using money wisely so you stay out of debt
What is money management?
Entertainment is an example of a _____ expense
What is a variable expense?
When creating a budget, you should satisfy your wants before your needs
What is false?
To create a monthly budget, you need to gather/consider your sources of____
What is income?