Lesson 1
A written plan for giving, saving, spending
what is A Budget?
money received for work, as a gift, or through investments
what is Income?
Get out of and stay out of debt.
What is the Second Foundation?
a record that summarizes all of the income and outgo over a certain time period
What is Cash-Flow Statement?
income that comes in at different amounts and/or at different times.
What is Irregular Income?
The amount of Americans that budget
what is 35%?
expense that remains the same from month to month
what is Fixed Expense?
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay.
What is Net Income?
just getting into the habit of writing it down
What is the Hardest Part of Tracking Expenses?
Earnings based on a percentage of the sales made.
Americans that agree budgeting is important
what is 95%?
expense that varies in dollar amount from month to month but that you can expect to have every month
what is Variable Expense?
the amount you earn before taxes and other payroll deductions.
What is Gross Income?
The percent of millionaires that stick to their budgets.
What is 93%?
Scheduling time with yourself.
What helps get you into the habit of budgeting?
This amount of personal finance create a monthly budget.
What is 80%?
expense that occurs at various times throughout the year and tends to be in large, lump sums
what is Intermittent Expense?
a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expense to equal zero.
What is Zero-Based Budget?
An easy trick for instant budgeting accountability.
What is The Envelope System?
The time both spouses decide together how they will give, save, and spend.
What is a Budget Committee Meeting.
This percent of head knowledge and this percent of behavior is personal finance.
What is 20% and 80%?
expense for things you don't need
what is Discretionary Expense?
food, shelter, utilities, and transportation
What is the Four Walls?
The second half of budgeting.
What is Sticking to your Plan?
This helps you reach your money goals, talk about money with others, and lets you become outrageously generous.
What is Budgeting?