Budgeting Terms
There are two types of things to budget for which are what?
Needs and Wants
A financial plan that allocates future income toward expenses, savings, and debt repayment.
A budget
The two most common types of financial institutions.
Banks and Credit Unions
The amount of money put into an account.
A deposit
This type of expense is a consistent cost each month.
Fixed Expense
This is using more money than you have available.
Overspending
Banks and Credit Unions are owned by these individuals.
Shareholders
The money taken out of an account.
A withdrawal
This type of variable changes from month to month.
Variable Expense
Mortgage, rent, groceries, and utilities are this type of expense.
Essential Expense
A non-profit organization that offers financial services.
A credit union
A way for customers to have quick and constant access to their accounts using a computer or smart phone.
Online banking
Money earned and money spent is this.
Income and Expenses
Going out to eat, going on a cruise or a vacation are these types of expenses.
Discretionary Expenses
The name of the federal agency that insures bank accounts.
The FDIC - Federal Deposit Insurance Corporation
This is used to record all the withdrawals and deposits on your checking account.
A check register
These are savings set aside for unexpected expenses.
Emergency Funds
This is the final phase in the budgeting process.
Reviewing your budget
The name of the federal agency that protects credit unions.
The NCUA- National Credit Union Administration
Instead of writing a check a person can use what to pay for purchases that will come out of their checking accounts?
A debit card