personal finance chapter 2 lessons 4-6

when you use ____, you end up spending less

cash

Irreuglar income

income that comes in at different amounts or at different times, or both

To budget with a(n) _____ , prioritize expenses from most to least important so your most important expenses are covered first.

irregular income

you need to do a budget every single _______

month

Taxes and withholdings impact your _____ , which is the amount of money you take home on your paycheck.

net income

a budget is never going to be a ________ process

perfect

A(n) ______ should account for fixed, variable, intermittent, and discretionary expenses based on income.

zero-based budget

cash-flow statement

a record that summarizes all of the income and outgo (spending) over a certain time period

Keeping track of your expenses will help you _____ your budget

adjust

every month is going to be ___

different

the first month you do your budget will be a _________ and that's okay

disaster

A(n) _____ needs to be evaluated in light of your other expenses for the month.

discretionary expense

commission

earnings based on a percentage of the sales made

one of the best ways to track your expenses is the ____ system

envelope

when budgeting becomes a habit in your life, it will become easier and ____

faster

A(n) _____ stays the same from month to month.

fixed expense

ask a parent or find a __________ to help keep you accountable

friend

be ______ with yourself about your spender or saver tendencies

honest

you will be inclined to budget one way or another way based on your money

personality

don't underestimate the emotional ____ you get when using cash

punch

____ your budget with someone you trust

share

give your budget _______ months to start working

three

after you make a budget, you need to _______ every expense

track

The cost of groceries and gas is considered a(n) ____

variable expense