lesson 1-2
a written plan for giving, saving, and spending
what is a budget?
what is Zero-Based Budget?
What is a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero?
what is Cash-Flow Statement?
what is a record that summarizes all of the income and outgo (spending) over a certain time period?
what is Irregular Income?
what is income that comes in at different amounts or at different times, or both?
what is saver?
what is savers usually really like the idea of budgeting?
what ways does money flow
what is in and out. A budget simply shows you what your income is (the money coming in) and what your expenses are (the money going out) for a set period of time?
what is Net Income?
what is what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay?
what is Put the amount of cash you’ve budgeted for each category in its own envelope labeled with the category’s name. Any time you buy something from a category, just use the cash from its envelope. Once the cash is gone, no more spending?
what is Commission?
what is earnings based on a percentage of the sales made?
what is a spender?
what is spenders need some convincing that budgeting is a good thing. They don’t want to feel restricted about when and where they can spend their money. If that’s how you’re feeling right now, it’s okay.
what are the 4 parts of a budget?
what is income, giving, saving, and spending?
what is gross income?
what is the amount you earn before taxes and other payroll deductions?
what is budget outlines planned spending, while a cash-flow statement summarizes past income and expenses?
How do you budget with a irregular income?
what is the importance of sharing money goals and budgeting in marriage?
what is budgeting takes on a whole new kind of intensity. Both spouses have equal say in the budget, after all. So, you both need to work on it together in a Budget Committee Meeting?
what are the 4 types of expenses?
what is
fixed expense, variable expense, Intermittent expenses, discretionary (or nonessential) expenses
what is the four walls?
what is food, utilities, shelter, and transportation?
what happens if you overspend in one category?
what is when overspending occurs in one category, the recommended immediate action is to adjust the budget by reducing spending in another category for that month?
How do you prioritize the monthly budget list?
what is Giving is at the top, next is saving, and then your essential expenses—any bills you’re responsible for?
How is budgeting a habit?
what is budgeting is a money habit that promotes financial security and a lifestyle of giving?
What are each expenses definition?
What is Fixed Expense: expense that remains the same from month to month Variable Expense: expense that varies in dollar amount from month to month but that you can expect to have every month Intermittent Expense: expense that occurs at various times throughout the year and tends to be in large, lump sums Discretionary (Nonessential) Expense: expense for things you don’t need
how much do you invest in retirement from gross income?
what is 15%?
How do tracking expenses help?
what is Tracking expenses helps individuals stick to a budget and identify areas for adjustment?
how does the lessons tie into the other lessons?
what is budgeting and savings tie into using your income to meet the budget requirements?
how to stick with your budget?
what is Keep it real, think weekly, check your social calendar, learn to say no (or not now), and find a budget buddy?