Budgeting

Budget Basics

100

This is the money you get for working

Income

200

The money you have to pay every month for things like rent or phone bills is called this

Fixed Expenses

300

This word means making a plan for how you will spend your money

Budgeting

400

This is when you have more expenses than income

Deficit

500

This is the amount of money left after you subtract your expenses from your income

Net Income

Needs Vs Wants

100

Food, water and shelter are examples of this kind of expense

Needs

200

A new video game is an example of what kind of expense

Wants

300

This is something you must have in order to live and function properly, like clothes or a place to live.

Needs

400

This is a type of expense for things you enjoy but don't necessarily have to have, like going to the movies or eating out at a restaurant

Wants

500

A basic necessity for working or attending school that allows you to travel to your job or education is considered this.

"transportation" (a "need")

Savings & Debt

100

This is the money you set aside for emergencies or future goals

Savings

200

This is money you borrow and have to pay back with interest

Credit

300

This is what happens when you spend less money than you make

Living within your means

400

This type of savings account is designed to cover unexpected costs, such as car repairs or medical bills.

Emergancy Fund

500

When you borrow money and agree to pay it back over time, this is called

Debt

Smart Spending

100

This is when you try to find the best price for something before you buy it

Comparison shopping

200

If you avoid buying things you don’t need or can live without, you’re practicing this important spending habit.

"restraint" or "self-control"

300

This is the term for buying things that you don't need or haven't planned for, usually in the moment.

Impulse Buy 

400

This type of shopping is done after you make a list of the items you need, which helps you avoid unnecessary purchases.

Shopping with a list

500

When you save money by sharing expenses with friends, like splitting the cost of a ride or meal, this is called.

Sharing Costs

Miscellaneous

100

This occurs when you spend more money than you earn, leading to debt.

Overspending

200

This simple budgeting method divides your money into three categories: needs, wants, and savings

"50/30/20 rule"

300

This is the total amount of money you receive from work or other sources, before any deductions.

Gross Income

400

This type of loan involves borrowing money to buy a home, and the property is used as collateral.

Mortgage 

500

This is money you receive from investments or assets, not from working a job.

Unearned Income