Budget Vocabulary

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What are Variable Expenses?

Back

Expenses that change in cost from month to month.

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What are Fixed Expenses?

Back

Expenses that do not change in cost from month to month.

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What is a Budget?

Back

A plan that outlines expected income and expenses over a specific period.

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What is a Long Term Goal?

Back

Plans that take a year or more to accomplish.

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What is a Short Term Goal?

Back

Plans that can be accomplished within a year.

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What is the difference between Wants and Needs?

Back

Wants are things you desire but can live without; Needs are essential for survival.

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What is Savings?

Back

Money that is set aside for future use.

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What is Income?

Back

Money received, especially on a regular basis, for work or through investments.

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What are Examples of Variable Expenses?

Back

Groceries, gas, entertainment, and car repairs.

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What are Examples of Fixed Expenses?

Back

Rent, mortgage, and insurance payments.