Module 101: An Annual Budget

anticipated income

income that is consistent and is typically received around the same time each month.

budget

A plan for making and spending money

resource

A substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use.

savings

Disposable income not spent for consumer goods.

Income

Earnings from work or investment

Unanticipated expenses

Expenses that are not foreseen and may happen at irregular intervals. Examples can include medical expenses, auto or appliance repairs or losses from natural disasters.

Anticipated expenses

Regular payments that must be made to cover certain regular expenditures. These could include rent, utility bills, and groceries.

Discretionary income

money income left after necessities have been bought and paid for.

Unanticipated Income

money received or earned that is unexpected, whether an inheritance or winning lottery ticket, for example.

Expenses

the cost required for something; the money spent on something.

annual budget

the yearly plan for raising and spending money.