Budgeting NGPF

Front

What is a Pay Stub?

Back

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

Front

What is a Budget?

Back

A plan for spending and saving income during a set period of time.

Front

What is Gross Pay/Income?

Back

The total amount of money you receive in a paycheck before anything is taken out.

Front

What is a SMART goal?

Back

A goal that is Specific, Measurable, Attainable, Realistic, and Time-sensitive.

Front

Give an example of a SMART goal.

Back

I will save $2 of my $5 allowance each week for 10 weeks and use $30 of my savings to buy the $50 video game I want.

Front

What is Savings?

Back

Money that is set aside for future short or long term goals or emergencies.

Front

What is Net Pay/Income?

Back

The amount of money you take home after deductions are made from your gross pay.

Front

What is an Allowance?

Back

A set amount of money given regularly, often to children, to spend or save.

Front

What are Wants?

Back

Items or services that are not essential for survival but are desired.

Front

What are Needs?

Back

Essential items or services required for basic survival, such as food, shelter, and clothing.