Financial Literacy Terms

Front

The amount of money you earn. This can come from a job or investments. It is limited.

Back

Income

Front

Money earned per hour in exchange for your physical or mental labor

Back

Wage

Front

Fixed amount of money earned per day, month, or year in exchange for your physical or mental labor

Back

Salary

Front

Giving money in order to receive a good or a service

Back

Spending

Front

Things you must have to survive

Back

Needs

Front

Things you would like to have to raise your standard of living

Back

Wants

Front

A spending plan

Back

Budget

Front

Long term plan on how you are going to use your money (kind of like a long term budget)

Back

Personal Money Management Plan

Front

Fancy word for putting money somewhere in your budget

Back

Allocation

Front

Money put away to be used later

Back

Savings