Budgeting Basics
What is a plan for managing income and expenses?
a budget
Money earned from a part-time job is this kind of income.
earned income
This is the cost of attending classes.
tuition
This type of care is often one of the biggest expenses for student-parents.
childcare
You should try to save at least this percent of your monthly income.
10%
The first step in making a budget is tracking this.
expenses (or spending)
Groceries and gas are examples of this kind of expense.
variable expenses
These are additional school costs like lab fees or student fees.
mandatory fees
Planning this weekly can help reduce grocery bills
meals (meal prepping)
This type of service helps you organize spending and track your money on your phone.
a budgeting app
This type of expense stays the same every month, like rent or a phone bill.
a fixed expense
Scholarships and grants are this kind of income
non-taxable income (or financial aid)
This item can often be rented or bought used to save money.
textbooks
These government benefits can help low-income families buy groceries.
SNAP (or food stamps)
Cutting down on this daily beverage could save over $1,000 a year
coffee!
The opposite of fixed expenses, these change each month.
variable expenses
Buying coffee every day is an example of this type of spending.
discretionary spending (or a non-essential expense)
This type of aid must be repaid with interest after graduation
a student loan
College campuses often offer this type of store to help students and families with food.
food pantry (care closet)
One way to spend less is to buy this version of brand-name products.
generic
What’s the term for spending more money than you earn?
budget deficit (or overspending)
This category should be included in every budget for emergencies
savings
FAFSA stands for this.
Free Application for Federal Student Aid
This fund helps you cover unexpected expenses, like a car repair or medical bill.
an emergency fund
If you don’t need it and can’t afford it, it’s called this kind of purchase.
an impulse buy