Budgeting Basics
This is a plan that helps you track income and expenses each month.
What is a budget?
This is the amount of money paid upfront when buying a house.
What is a down payment?
This is money set aside for future use.
What are savings?
This card allows you to borrow money to make purchases and pay it back later.
What is a credit card?
In Canada, many experts say this major factor causes housing prices to rise when there are more buyers than available homes.
What is low housing supply?
This is the money you receive from work or other sources.
What is income?
This is a loan used to buy a house that is paid back over many years.
What is a mortgage?
This type of account at a bank is used to store money and earn small amounts of interest.
What is a savings account?
This number represents how trustworthy you are to lenders.
What is a credit score?
This financial requirement in Canada is the upfront payment buyers must make before getting a mortgage for a home.
What is a down payment?
These are regular payments such as rent, phone bills, and subscriptions.
What are expenses?
This monthly payment allows you to live in a property owned by someone else.
What is rent?
Financial experts often recommend having this type of fund for unexpected expenses.
What is an emergency fund?
This is the cost of borrowing money from a bank or lender.
What is interest?
When governments build more homes and increase housing supply, economists predict housing prices may do this.
What is decrease?
This type of expense stays the same each month, like rent.
What is a fixed expense?
This cost includes electricity, water, and heating for your home.
What are utilities?
This financial habit means spending less money than you earn.
What is saving?
This type of loan is commonly used to pay for college or university.
What is a student loan?
Experts often recommend that housing costs such as rent or a mortgage should not be more than this percentage of your monthly income.
what should 30% of income go to
This type of expense can change from month to month, like entertainment or groceries.
What is a variable expense?
When more houses are built and available, housing prices may do this.
What is decrease?
This is the extra money you earn on savings when the bank pays you for keeping money there.
What is interest?
Paying your bills on time helps improve this financial rating.
What is your credit score?
When more people want to buy houses but there are not enough homes available, housing prices usually do this.
What is increase?