Budgeting NGPF

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What is a Pay Stub?

Back

A physical or electronic document that provides details about money earned on a job and deductions made.

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What is Medicare?

Back

A federal health insurance program for those 65 and older, funded by employee contributions throughout their working years.

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What is the 50-30-20 Rule?

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A budgeting guideline that suggests allocating 50% of income to needs, 30% to wants, and 20% to savings.

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What are Wants?

Back

Things you would like to have but are not necessary for survival.

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What are Needs?

Back

Essential items required for basic living, such as food, shelter, and clothing.

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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 Income?

Back

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

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What is Savings?

Back

Money that is set aside for future use, often kept in a bank account.

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What is a Bill?

Back

A statement of money owed for goods or services.

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What is a Retirement Account/401k?

Back

A savings plan that allows employees to save for retirement with tax advantages.