Budgets and Money

Front

What is income?

Back

Money received regularly for work or through investments

Front

Give an example of a source of income.

Back

Salary

Front

What are expenses?

Back

Costs incurred in the process of generating revenue or running a business

Front

Provide an example of a fixed expense.

Back

Rent or mortgage payments

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month, while variable expenses can change from month to month.

Front

Why is it important to track your expenses?

Back

To understand where the money is being spent and for better budgeting and financial planning.

Front

What is a budget?

Back

A financial plan that outlines expected income and expenses over a certain period of time.

Front

How can a budget help you manage your money?

Back

By tracking income and expenses, prioritizing spending, and saving for future goals.

Front

What are some ways to increase your income?

Back

Ask for a raise, seek higher-paying job opportunities, start a side business, freelancing

Front

Why is it important to save money?

Back

To ensure future financial security and be prepared for unexpected expenses.