Vocab
What is an expense?
Money Spent
A plan for spending your money is called ____.
A Budget
Where you typically have an account.
A bank or credit union
What is "tracking money"?
the process of keeping tabs on your income and spending, ideally on a daily basis.
A ____ Card takes money directly from your checking or savings account.
Debit
What is the safest way to save money?
Put it in a bank
The account used to access your money daily.
Checking account
Why should you track your money?
So you can tell how much you are spending compared to how much you are saving.
A ____ Card is used to make purchases and pay later.
Credit
A budget in which income and expenses are equal.
A Balanced Budget
The account used to save money
Savings account
Popular way to track your expenses on your phone
Budget apps
Taking money out of the bank is called ___.
When your expenses are greater than your income, you need to ____
revise your budget
Pulling money from one account and putting it into another account.
Transfer
A book or other collection of financial accounts of a particular type
Ledger
Money you receive is called your ___.
The best time to have a budget for the month.
Before the first of the month
A savings account with advantages that individuals can use to save and invest long-term.
Individual retirement account
A system that tracks how much money you have in each budget category for the month by keeping your cash tucked away in _____
envelopes