Expenses
Expense that remains the same from month to month .
Fixed Expense
A written plan for giving, saving, and spending.
Budget
First Foundation
Save $500 for an emergency fund
The amount you earn before taxes and other payroll deductions.
Gross Income
When is the right time to start creating and living by a budget?
Right Now
Expenses that occur monthly and change in dollar amount.
Variable Expense
What are the four walls?
Food - Utilities - Transportation - Shelter
Second Foundation
Get out of Debt and Stay out of Debt
What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay.
Net Income / Take home pay
The name of the Budgeting App that Ramsey Classroom suggests.
Every Dollar
Expense that occurs at various times throughout the year and tends to be in large, lump sums.
Intermittent expense
How many months does it usually take for your budget to start working as a budget should?
Three
Third Foundation
Pay Cash for your Car
Income that comes in at different amounts or at different times, or both.
Irregular Income
The best way to budget is...
The way that works best for you
Expense for things you don’t need.
Discretionary Expense
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.
Zero Based Budget
Fourth Foundation
Pay Cash for College
Earnings based on a percentage of the sales made.
Commission
What should you do if you overspend in one category of your budget?
Adjust your budget by removing money from another spending catagory
What are the four parts of a budget?
Income - Giving - Saving - Spending
A record that summarizes all of the income and outgo (spending) over a certain time period.
Cash Flow Statement
Fifth Foundation
Build Wealth and Give
What kind of money counts as income?
All money that you receive, including money from jobs and or gifts (birthday - christmas)
A common misconception is that budgeting will keep you from having fun, when in reality a budget...
Gives you permission to spend