Budgets
An itemized summary of the expected income and expenses for a defined period of time.
What is a budget?
An individual who likes to save money rather than spend money.
What is a saver?
A goal which can be accomplished within a year.
What is a short term goal?
Things that are essential for life.
What are needs?
An individual’s belongings which have value.
What are assets?
An individual who enjoys spending money on himself/herself or others.
What is a spender?
A goal which takes 10 years or more.
What is a long term goal.
Items which are unnecessary, but are desired and would increase someone's quality of life.
What are wants?
An individual’s expenses and outstanding debts.
What are liabilities?
An individual who enjoys investing money into high-risk ventures.
What is a risk taker?
What is 5 to 10 years?
Expenses which help an individual to live more comfortably.
What are spending wants?
What is net worth?
An individual who plans for the future and is prepared for any type of financial situations.
What is a security seeker?
The S in SMART.
What is specific?
Expenses which are essential for an individual to be live and function.
What are spending needs?
A list of all your personal belongings.
What is a personal property inventory?
An individual who does not consider money as a necessity and does not have much of an opinion on money.
What is a flyer?
The A in SMART.
What is attainable?
They guide an individual's needs and wants.
What are personal values?