Vocab
Protects you and your personal items from a big loss
What is insurance?
Money you borrow from a car
What is a loan?
Expenses that change from month to month
What are variable expenses?
PYF stands for
What is Pay Yourself First?
Money going OUT of your budget
What is expenses?
A fee for borrowing money
What is interest?
Money received for working or investing
What is an income?
What are fixed expenses?
The first step in setting up a budget is to what
Borrowing money from the bank for a house
What is a mortgage?
A spending plan used to manage your money
What is a budget?
An economic condition where prices go up
What is inflation?
Gas for your car is a _______ expense
What is a variable expense?
What is 30%?
Money saved for the time you can quit working
What is a retirement account?
Part of your income paid to the government
What are taxes?
Money set aside for emergencies
What are savings?
Car insurance is an example of a ______ expense
What is a fixed expense?
Process of deciding your values, setting goals and making plans
What is Planned Savings?
Putting "first things first" in a budget means:
Money saved in stocks or mutual funds
What are investments?
Using money wisely so you stay out of debt
What is money management?
What is a variable expense?
When creating a budget, you should satisfy your wants before your needs
What is false?
To create a monthly budget, you need to gather/consider your sources of____
What is income?