Budget
what is budget
A Budget is a plan to limit your spendings
What is a Salary?
This is the term for the set amount of money you are promised to earn each year
BONUS!!!:high five someone.
What is a Job?
This is the most common way people get money
What is Rent?
This is the money you pay to live in a house or apartment you don't own.
What is the 50/30/20 Rule?
This common budgeting rule suggests spending 50% of income on needs, 30% on wants, and 20% on savings.
What is Gross Pay?
This is the total amount of money you earn before any taxes or deductions are taken out.
What are Needs?
Utilities like electricity and water are considered "variable" expenses but fall under this priority.
What is an Allowance?
This is the "extra" money a child might get for doing chores at home.
What are Groceries?
You spend money on these to have food to eat at home.
What is a Fixed Expense?
This type of expense stays the same every month, such as rent or a car payment.
What is Net Pay?
This is your "take-home" pay, or the amount left after all taxes and insurance are deducted.
What is "Pay Yourself First"?
This strategy involves putting money into savings immediately after getting paid, before paying any other bills.
What is a Paycheck?
This is the name for the piece of paper your boss gives you that shows how much you earned.
What is a Bill?
This is what you pay for to keep your phone or internet working.
What is Zero-Based Budgeting?
This budgeting method requires you to assign every single dollar of your income to a specific category until you reach zero.
What is $600? that u make
If you make $15/hour and work 40 hours a week, this is your gross weekly income.
What is housing?
This "must-pay" expense is often the largest single line item in a household budget.
What is a Tax Refund?
This is the term for the money you get back from the government once a year after filing paperwork.
What is Spending
This is the term for money you spend on fun things, like movies or toys.
What is an Emergency Fund?
This financial safety net, usually 3–6 months of expenses, should be a top priority in any budget.
What is Extra Income
This is the money you earn from a "side hustle," like mowing a neighbor's lawn or pet sitting.
What is a Vacation?
want
What is Change?
This is the money you get back after you pay for something with a big bill.
What is Credit?
When you buy something now but promise to pay for it later, you are using this.