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Budgeting

QuestionAnswer
Income The amount of money you earn. This can be through a job or through investments or other means
Budget This is a financial plan that shows the money you expect to receive, and the money you expect to pay out, over a specified time. It can also mean the amount of money you have allocated to spend on a specific purpose
Budget Surplus When income is greater than expenditure.
Budget deficit When expenditure is greater than income.
Expenditure Spening money on goods and services.
Fixed income The same amount of money comes into your account at regular intervals.
Irregular income A different amount of money that comes into your account at different times.
Fixed expenditure Spending the same amount of money at different intervals
Irregular expenditure Spending different amounts of money at different intervals
Discretionary expenditure Spending money on luxury items. This is unnessecary spending.
Forecast A forecast is an estimation or calculation of future costs, ie income or spending that has not yet happened, based on the best information available.
Planned expenditure Any expenditure that can be predicted.
Unplanned expenditure Any expenditure that is not predicted, such as costs for repairs or medical fees.
Subtotal The total spending in a budget category, such as irregular expenditure.
Net cash The amount of money left at the end of each budget period, such as per month. This is a positive figure if income is greater than expenditure, but negative (shown in brackets) if expenditure is greater then income.
Opening cash/ balance The money available at the start of the budget period.
Closing cash/ balance The money left at the end of the budget period.
Created by: moneysense