Money Matters
Budgeting 101
Finances
Personal Budget
What's your worth
100

The process of setting aside money until a future date instead of spending it today.

What is Savings

100

An organized plan for saving and spending based on your expected income and expenses

What is a budget

100
These two types of accounts, maintained by commercial banks and credit unions, may or may not have associated fees, pay interest, or require minimum balances. Deposits and withdrawals are made directly from such accounts, often via bank tellers and ATMs.
What are checking and savings accounts?
100

Anything that is owned by an individual. With respect to savings and investing, these are generally categorized as liquid or capital. 

What is an Asset 

100

Money earned in exchange for work, or received from investments, allowance, or gifts

What is Income

200

The act of paying money for something

What is Spending

200

A situation where money is left over after all obligations have been paid

What is a budget surplus

200

The things people pay for with their money

What are expenses 

200
This is the income received prior to taxes and deductions.
What is gross pay?
200

The process of setting money aside to increase wealth over time and accumulate funds for long term financial goals such as retirement 

What is Investing

300

An amount of money set aside to cover bills in case of emergency

What is Emergency Fund 

300

A situation where income and expenses are equal

What is a balanced budget

300

Expenditures that change each month and can be reduced or eliminated if necessary 

What is Flexible Expenses 

300
This is income after taxes and deductions.
What is net pay?
300

Money owed to individuals, businesses or institutions 

What is a Liability 

400

Making purchases without comparing costs or benefits beforehand 

What is impulse spending

400

A situation where there is not enough money to cover expenses

What is a budget deficit 

400
The money you have to spend or save as you wish after taxes, social security, and other deductions have been withheld from your gross pay

What is a Disposable Income

400
These types of expenses remain unchanged from period to period. Examples include mortgage or rent, insurance, and, often, utilities.
What are fixed expenses?
400

The total value of a person or company, which can be calculated by subtracting liabilities from total assets. 

What is Net Worth

500

A plan of action that allows a person to meet not only the immediate needs, but also the long term goals. 

What is a Financial Plan

500

To write down information about a transaction or series of transactions

What is Record Keeping

500

The process of analyzing exposure to risk and determining  the best way to handle such exposure

What is Risk Management 

500
These types of expenses fluctuate or change from period to period. Examples include personal entertainment or travel costs, and other discretionary items.
What are variable expenses?
500

The concept of putting aside a sum of money into savings each month before paying other bills

What is Pay Yourself First

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