Budgeting and Goal-setting
A chart commonly used to track income and expenses
Cash-flow chart / Cash flow statement
Something that you own that has value
Asset
An expense you pay monthly that does not change in amount
Fixed expense
The most common way to earn income
A paycheck from your boss
Three types of financial goals
Liability
Property taxes are an example of this kind of expense
Fixed expense
The total amount of money you make, BEFORE deductions
Gross income
5 years
The additional cost a lender charges you for borrowing their money
Interest
An expense that does not change in amount, but happens rarely - only once or twice a year
Intermittent expense
The type of income a salaried employee makes (regular or irregular?)
Regular income
A type of budget where you give every dollar a "job", whether it's saved, spent or given
Zero-based budget
The amount of money you take home after deductions
Net income
Any expense that is not essential to survival - something you WANT
Discretionary expense
An example of someone who makes an irregular income
Someone who works hourly
OR
Someone who works on commission/sales/has own business
The acronym commonly used for goal-setting, including financial goals
SMART
Assets - liabilities = ???
Net worth
Groceries are an example of this kind of expense
Variable expense
One example of a common deduction on your income
Income tax/Social security/401K