1
Money you receive, such as from a job, allowance, or benefits.
Income
Things you must have to live safely and healthily (rent, food, utilities).
Needs
Extra money left over after all expenses are paid.
Surplus
Costs that happen once or not every month (birthday gifts, car repairs).
One-Time Expenses
Services like electricity, water, gas, trash, and internet.
Utilities
A plan that shows how much money you earn and how you will spend or save it.
Budget
Costs that stay the same each month (rent, car payment, phone plan).
Fixed Expenses
When expenses are more than income.
Deficit
Money you set aside for future use.
Savings
Money spent on food from stores.
Groceries
The total amount of money you earn in one month.
Monthly Income
The average of a set of numbers.
Mean
The number that appears most often.
Mode
Costs that change each month (groceries, gas, electricity).
Variable Expenses
Gas, bus passes, ride shares, car maintenance.
Transportation/Automobile
Money you spend on things you need or want.
Expense
The middle number in a set of numbers.
Median
The final amount after adding everything together.
Total
Money saved for unexpected expenses.
Emergency Fund
Monthly payments for coverage on car, health, and home.
Insurance
All the money you spend in one month.
Monthly Expenses
Things you would like but do not need to survive (games, eating out, subscriptions).
Wants
A way to decide what is necessary versus optional when spending money.
Needs vs Wants
Fun activities like movies, games, or streaming services.
Entertainment
Items like shampoo, soap, haircuts, and hygiene products.
Personal Care