Budget 1
Money you earn from work.
What is income?
When you take money out of an account.
What is withdrawal?
Allows you quick access to your funds on an ongoing basis.
What is a checking account?
Used envelopes to help control spending.
What is the envelope method?
Card connected to you checking account.
What is a debit card?
A professional who helps with your finances.
Who is a financial coach/advisor?
Money you borrowed from someone else.
What is loan?
Has withdrawal limits, interest bearing and used to reach a specific financial goal.
What is a savings account?
Usually 30% of your earned income.
What is a want?
About 20% of your earned income.
What is savings?
About 50% of your earned income.
What is a need?
A plan that helps you buy what you need or save money.
What is a budget?
When you put money into an account.
What is deposit?
Being disciplined enough to not spend more than you have.
What is a "no" budget?
IRA/401(K)/Roth
What is an investment plan?
When you spend money on something, it's this.
What is an expense?
A plan that tells all of your money where to go.
What is a zero-based budget?
A plan that prioritizes savings.
What is a pay-yourself budget?
Money you have to pay on top of returning what you borrow or money you earn when keeping money in a savings account.
What is interest?
Mint/YNAB//EveryDollar
What are budgeting apps?
Money the government takes from money you earn.
What is income tax?
Money you owe to someone else.
What is debt?
Approximate savings of 3-6 months of earned income.
What is an emergency fund?
An account used to help build retirement.
What is an investment account?
Can cause your checking account to go into the negative.
What is insufficient funds fee?