Budgeting Vocabulary

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^Wants

Back

Things or items that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

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Budget

Back

Is a spending plan for managing your money that includes income and expenses

Front

Total monthly income

Back

Income from all possible sources.

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Needs

Back

Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

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Total Expenses

Back

Expenses that equal all the fixed expenses and variable expenses

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Pay Stub

Back

Hard or electronic copy of earnings that show all deductions and results in net pay

Front

Fixed expenses

Back

Expenses that remain the same month after month EX: mortgages, rent, car payments, insurances

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Liabilities

Back

Anything that you might incur an expense for.

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Variable expenses

Back

Expenses that increase/decrease monthly/yearly EX: Utilities, food, entertainment, internet, TV provider

Front

Deductions

Back

All expenses deducted from gross pay that results in net pay.