Basic Definitions
Budget Sheet
Banking
Housing
100

A balancing finance sheet everyone should use to track your exact income and expenses during a set time frame.

Budget

100

Money you have left over when everything is balanced and paid.

Disposable income

100

Using this card to buy items when you have money in your account. 

Debit card

100

Money the bank charges for borrowing. 

Interest

200

The money you make before taxes.

Gross income

200

When your budget works out for that time frame.

Balanced budget

200
A card you can get with a bank account charging you high interest to buy now and pay later. 

Credit card

200

The initial amount of money you borrow from the bank.

Principle

300

Actual income after taxes.

Net income

300

The meaning of " being in the RED" on your budget sheet. 

Overspending / spend more than you make

300

You must include this money in your budget to ensure financial security.

savings

300

The length of your interest rate.

term

400

A type of loan you can use to buy or refinance a home.

Mortgage

400

Expenses that cost the same per month. ( ie Rent, car insurance)

Fixed expense

400

THe name of a bank loan that could be secured or unsecured,  offered at different interest rates. 

Line of credit

400

Amount of money you put down towards the purchase of your house. Usually a percentage of the price of the house.

Down payment

500
The percentage the bank charges for you to borrow money expressed at an annual percentage. 

Interest rate

500

Expenses that cost different amounts each month ( ie. groceries etc.)

Variable expenses

500

Money that is loaned to you out of your account even if you do not have the money.

Overdraft ( protection)

500

The length of your total mortgage. 

Amortization 

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