Money management FACS

What is income?

Any money received on a regular basis from work or investments

What is the difference between a fixed and flexible expense?

Fixed expenses generally cost the same amount each month (such as rent, mortgage payments, or car payments), while variable expenses change from month to month (dining out, medical expenses, groceries, or anything you buy from a store).

What are the benefits of a budget?

Helps you organize your spending and savings - By dividing your money into categories of expenditures and savings, a budget makes you aware which category of expenditure takes which portion of your money.

What is a budget?

Is a written plan of what you expect your income and expenses to be over a certain period of time

benefits of money management?

Sticking to a budget and saving more and spending less

How do you estimate expenses?

add up the amount of money spent for 12 consecutive months, then divide by 12

What is a fixed expense?

an expense that stays the same each month

What is a flexible expense?

costs that are easily changed, reduced or eliminated

Benefits of attitude towards money

spend less than they earn, save for the future, manage their credit, give to others and plan for unexpected expenses.

What is expenses?

what you spend money on