Budgeting Basics
This is a plan that tells you how to spend and save your money.
What is a budget?
This type of account is designed for everyday spending.
What is a checking account?
Using a credit card responsibly can help build this.
What is good credit?
This is the amount you earn before deductions.
What is gross pay?
Buying an item simply because it's on sale does not always mean you did this.
What is save money?
These are expenses you must have to live, unlike wants.
What are needs?
This fund is used to cover unexpected expenses.
What is an emergency fund?
Payment history is one example of something that affects this number.
What is a credit score?
This is the amount you actually take home after deductions.
What is net pay?
Comparing prices, quality, and products before buying is called this.
What is comparison shopping?
If you earn $2,500 and spend $2,100, this amount remains.
What is $400?
This money habit means saving before spending.
What is paying yourself first?
Making payments by the due date helps improve this.
What is your credit payment history?
Taxes, Social Security, Medicare, and insurance are examples of these.
What are paycheck deductions?
Buying large quantities can waste money if items do this before you use them.
What is expire?
Doing this helps you know where your money goes each month.
What is tracking your spending?
Before opening a bank account, you should compare these things like these.
What are fees and interest rates?
Paying only this amount on your credit card means you'll pay more interest over time.
What is the minimum payment?
Health insurance and retirement plans are examples of these.
What are employee benefits?
An unplanned purchase made without thinking is called this.
What is an impulse purchase?
If expenses are greater than income, these are two ways to fix your budget.
What are reducing expenses and increasing income? (or adjust spending/create a new budget)
Saving $50 every month for one year equals this amount.
What is $600?
Paying more than the minimum and making extra payments are two ways to do this faster.
What is paying off credit card debt?
If your gross pay is $2,000 but your paycheck is $1,600, this explains the difference.
What are taxes and payroll deductions?
Before spending your last $100, you should think about these things first.
What are your savings goals, upcoming expenses, and your budget?