Money Coming In
(Income)
(Income)
Money that comes in from allowances, gifts, chores, or small jobs. Money Coming In!
Income
Regular expenses that stay the same each month, like rent or a phone bill.
Fixed Expenses
Money that is set aside rather than spent immediately.
Savings
A plan that tracks income and expenses to help manage money effectively.
Budget
Understanding basic money management, including budgeting and saving
Financial Literacy
A regular amount of money given to students, often used to practice budgeting.
Allowances
Expenses that change each month, such as groceries, transportation, or entertainment.
Variable Expenses
Money saved for unexpected costs, like a broken phone or a bus fare increase.
Emergency Fund
Keeping a record of all purchases to understand spending habits.
Tracking Expenses
Spending more than the budget allows, which can lead to debt or less savings.
Overspending
A future target amount that requires saving, like saving up for college or a laptop.
Financial Goal
"Needs" are essential items (like food), while "wants" are extras (like new clothes or games).
Needs vs Wants
Extra money left over after all expenses are paid, which can be saved or spent.
Surplus
Grouping expenses into sections, like food, transportation, and entertainment, to track spending
Expenses Catrgories
Money owed to someone or an organization due to overspending or borrowing.
Debt
A specific amount of money set aside for something important, like a bike or a game.
Savings Goal
The maximum amount set for spending within a specific category or for a specific purchase.
Spending Limit
Deciding which expenses are most important and need to be paid first
Prioritizing
A document showing what was bought and how much it cost, useful for tracking expenses.
Receipt
When expenses are greater than income, leading to negative cash flow.
Deficit
The movement of money in and out of a budget (income vs. expenses).
Cash Flow
Buying something without planning, often leading to overspending.
Impulse Buying
Looking back over a month’s budget to see how well money was managed and make changes if needed.
Monthly Review
The amount of money left after income is added and expenses are subtracted
Balance
Income is money coming in, while expenses are money going out.
Income vs Expenses