Personal Finance unit 2 vocab and fill in the blank
keeping track of your expenses will help you ... your budget
adjust
the second component is
giving
the first component of a budget is ...
income
income
money received for work, as a gift, or through investments
you need to do a budget every single..
month
a budget is never going to be a ... process
perfect
only .. of people do a budget every month
35
zero-based budget
a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero.
cash-flow statement
a record that summarizes all of the income and outgo over a certain time period.
budget
a written plan for giving, saving, and spending
When you use..., you end up spending less
cash
the way you break up your... is up to you
categories
make sure you have a miscellaneous ...
category
a zero-based budget does not mean zero dollars in your... account
checking
every month is going to be...
different
the first month of your budget will be a... , and that's okay
disaster
commission
earnings based on a percentage of the sales made.
one of the best ways to track your expenses is the ... system
envelope
discretionary (nonessential) expense
expense for things you don't need
intermittent expense
expense that occurs at various times throughout the year and tends to be in large, lump sums
fixed expense
expense that remains the same from month to month
variable expense
expense that varies in dollar amount from month to month, but that you can expect to have every month
when budgeting becomes a habit in your life, it will become easier and...
faster
money ... in two ways: in and out
flows
prioritize your ...: shelter, utilities, transportation, and food
four walls
your budget gives you... to spend
freedom
ask a parent or find a ... to help keep you accountable
friend
find creative ways to be... with your time and money
generous
your income, savings, and ... can also have categories
giving
be... with yourself about your spender or saver tendencies.
honest
95% of people agree that budgeting is...
important
irregular income
income that comes in at different amounts or at different times, or both.
you will be inclined to budget one way or another way based on your money...
personality
A budget is a ... for your money
plan
don't underestimate the emotional ... you get when using cash
punch
the third component
saving
... your budget with someone you trust
share
the fourth component
spending
gross income
the amount you earn before taxes and other payroll deductions.
give your budget... months to start working
three
after you make a budget, you need to ... every expense
track
net income
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay.
use a budgeting app that works for..
you
a zero-based budget is when your income minus your giving, saving, and spending equals...
zero
the best kind of budget is a ... budget
zero-based
