Wants VS Needs
This is something you need to have to survive
This is money you earn from working
Income
A plan for how you will spend and save your money
Budget
A safe place to keep your money
Bank / Safe
You pay this each month to live in an apartment
Rent
Food, water, and shelter are examples of this
Needs
The total amount of money you earn before taxes are taken out
Gross Pay
Money you set aside for future use
Savings
This type of account is used for everyday spending
Checking Account
This helps pay for car accidents and damage
Insurance
A new gaming system would be considered this
Want
The amount of money you take home after taxes and benefits
Net Pay
Spending more money than you earn is called this
Overspending
This type of account is meant to help your money grow over time
Savings Account
The cost of attending college or trade school is called this
Tuition
Electricity in your home is usually considered this
Need
This is money taken out of your paycheck to help pay for government services
Taxes
Gas and entertainment are examples of this type of expense that can change month to month
Variable Expenses
This card lets you spend money directly from your bank account
Debit Card
Groceries, gas, rent, and utilities together are often called this
Cost of Living
Eating at a restaurant instead of cooking at home is usually considered this
Want
This document shows how much money you earned and what was taken out
Pay Stub
Rent and utilities are examples of this type of expense that stays mostly the same each month
Fixed Expenses
Interest
This is money you pay each month for electricity, water, and/or sewer
Utilities