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Budget Vocab

TermDefinition
Budget A monthly or yearly spending and savings plan developed by a person, family, or business. A written budget helps people to be better money managers and to prepare for major or unexpected expenses.
Fixed Expenses A fixed cost that stays the same each month, such as rent or a car payment.
Variable Expenses An expense that you can control or adjust, for example how much you spend on groceries, clothes, phone.
Mortgage Monthly home payment
Income The amount of money received during a period of time, including money received in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.
Savings Income not spent, putting money aside.
Needs Things that you must have to survive.
Wants A wish for something, not something you need to survive.
Long Term Goals Plans that take a long time to accomplish.
Short Term Goals Plans that can be accomplished within 3 months to a year.
Impulse Buying Making a purchase based on an immediate want.
Created by: Jesse.E
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