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