2.1
a written plan for giving, saving, and spending
What is the defintion of budget?
Money received for work, as a gift, or through investments
What is the defintion for Income?
A record that summarizes all of the income and outgo (Spending) over a certain time period
What is a cash-flow Statement?
It's a income that comes in at different amounts or different times, or both
what is a Irregular
Fixed Expanse, Variable Expense, Intermittent Expense, and Discretionary Expense
What are the four types of expenses?
When you spend money, just record how much you spent and subtract it from the budget category
How do you track your expenses?
Earnings based on a percentage of the scales made
What is the definition for Commission?
So your in control of your money, and you don't have to wonder where it all went
What is the purpose of a budget?
When you approach your money in a spirit of generosity, your more grateful and content of what you have. Contentment naturally leads you to serve and help others
What is the importance of Giving?
It is for when you've put the amount of cash you've budgeted for each category in its own envelope labeled with the category's name
What is a Envelope System?
Budgeting when you have an irregular income starts with your expenses
If you set aside a specific day and time to work on your budget, you are more likely to do it
What is making time to budget?
What is the definition of Gross-Income?
You can record every transaction and categorize your spending using a chosen method such as a budgeting app, a spreadsheet, or a notebook
How do you track your expense over time?
First- Save a $500 emergency fund
Second- Get out and Stay out of debt
Third- Pay cash for your car
Fourth- Pay cash for college
Fifth- Build Wealth and Give
What are the five foundations?
You'll have to cut back on how much you planned for one category to balance out what you have overspent in another
What happens if you go over your budget?