Budget Basics
This is the total amount of money you receive, usually from a job.
What is income?
Saving 10% of your paycheck each pay period is called this.
What is paying yourself first?
Writing down what you buy helps you do this with your money.
What is track your spending?
This is the place where you keep your money safe and can withdraw it when needed.
What is a bank?
This is the amount of money you earn before taxes are taken out.
What is gross income?
Money you spend each month is called this.
What are expenses?
Money put aside for emergencies is called this.
What is an emergency fund?
When you compare prices before buying, you’re doing this.
What is shopping around?
This card lets you spend money directly from your bank account.
What is a debit card?
This is the money you take home after taxes.
What is net income?
This is what you call a plan for how to spend and save your money.
What is a budget?
Buying something you want right away without thinking is called this.
What is impulse spending?
A good budget should always include this type of savings for emergencies.
What is a rainy day fund?
The number that shows how much money is currently in your account.
What is your account balance?
This form of income usually comes from working a job.
What is earned income?
This expense stays the same every month, like rent or a phone bill.
What is a fixed expense?
This is the difference between what you earn and what you spend.
What is your balance or leftover money?
This is something you set to help guide your money decisions, like saving for a trip.
What is a financial goal?
This is the fee you might pay if you spend more money than you have in your account.
What is an overdraft fee?
Money earned at an hourly rate is called this.
What is hourly pay?
This expense changes from month to month, like groceries or gas.
What is a variable expense?
A want is something nice to have, but a need is something you must have—give one example of a “need.”
What is food, shelter, water, clothing, or transportation?
If you overspend your budget, you are said to be doing this.
What is going over budget?
This is the machine you can use to take out cash or check your balance.
What is an ATM?
A set amount of money you earn each year from a job is called this.
What is a salary?