personal financial planning, goals, opportunity cost, budget, gross pay, deductions, net pay, expense, fixed expense, variable expenses, budget variance, surplus, deficit, income

deficit

A deficiency or lack of something

budget

A plan for making and spending money

goals

A purpose/objective.

surplus

A situation in which quantity supplied is greater than quantity demanded

deductions

Amounts subtracted from your gross pay.

expense

An expense is an outflow of money to another person or group to pay for an item or service, or for a category of costs.

opportunity cost

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another

variable expenses

Costs that vary in amount and type, depending on the choices you make.

income

Earnings from work or investment

money management

Planning how to get the most from your money

personal financial planning

The process of managing your money to achieve personal economic satisfaction.

budget variance

the difference between the budgeted amount and the actual amount that you spend

gross pay

the total amount of an employee's earnings before deductions are taken out