Budgeting
A type of expenses that stays the same each month, like rent or a phone bill.
Fixed Expenses
This goal-setting method makes goals specific, measurable, actionable, relevant, and time-bound.
SMART Goal Setting
This is the amount you pay each month for health insurance coverage.
Premium
This is the amount you must pay for medical care before insurance starts helping cover the costs.
Deductible
A type of expense that changes, like groceries or gas.
Variable Expenses
If you don't get paid regularly, you can calculate this determine how much you typically earn in a month.
Average Monthly Income
This is the money you take home after taxes and deductions.
Net income or take-home pay
This U.S. state does not have a state income tax.
No
A situation when your expenses are higher than your income.
Budget Deficit
This budget method splits income into needs, wants, and savings.
50-30-20 Framework
This is the money you earn before taxes and deductions.
Gross pay or gross wages
These social programs are funded by FICA (Federal Insurance Contributions Act) taxes
Social Security and Medicare
A situation where income is higher than expenses
Budget Surplus
This type of bank account rounds up purchases and moves the extra money into savings.
Round-up Account
This is the summary of pay, benefits, and other perks a job offers.
Compensation Package
This website helps you look up new and used car values.
Kelley Blue Book
In an ideal situation, this is how much money you should have in an emergency fund.
3 to 6 months worth of expenses
In an ideal situation, this is the highest percent of income you should spend on housing.
30%
This retirement plan is common at for-profit jobs and lets you save pre-tax income.
401(k)
This savings strategy focuses on reaching one goal at a time before moving on to the next.
Sequential Approach