BASICS
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
50/30/20 BUDGET
Items or services you pay for such as rent, groceries, entertainment, bills, etc.
EXPENSES
Non-refundable fee for repairs during move in
MOVE IN FEES
Money set aside for unexpected expenses or loss of income
Not having or earning much money
LOW INCOME
Total earnings before any deductions are taken
GROSS PAY
Expenses that you desire or wish for and helps you live more comfortably
WANTS
Cost of running a credit check & background check on you
APPLICATION FEES
Money that is received from work, investments, business, etc.
INCOME
The basic services your home, apartment, or business needs to keep it comfortable and functioning properly (e.g. water, electricity, etc.)
UTILITIES
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
BUDGET
Expenses that are essential for you to be able to live and function
NEEDS
Sum of money the landlord (owner) holds on to in advance (usually one to two month’s rent)
SECURITY DEPOSIT
Income that remains the same from week to week or month to month
FIXED INCOME
A set amount you are paid for every hour that you work; also called hourly pay
WAGE
A fixed amount that you are paid over a period of time, regardless of how many hours you work
SALARY
A cost that can be expected at regular intervals and that remains the same amount (e.g., monthly rent payment)
FIXED EXPENSE
A contract between a tenant (renter) and a landlord providing the terms and costs for renting the property
RESIDENTIAL LEASE
Income that varies from week to week or month to month
VARIABLE INCOME
When your income exceeds your expenses and you have money leftover
SURPLUS
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
NET PAY
A cost that occurs irregularly or the amount changes (e.g., utility bills)
VARIABLE EXPENSE
Commission for the real estate agent (1 month rent or 12-15% of rent)
A strategy where you save a specified amount of your paycheck before doing anything with the rest of your money
When your expenses exceed your income
DEFICIT