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Beyond Banks 2

CFM

TermDefinition
Spending Plan/Budget Your map to your spending budget. It should detail exactly how you're going to use your $ to pay fir the things you want and need. An effective spending plan not only multiplies your chances of success, it also helps make thr jounery faster and easier.
What may happen without using a budget? You have no idea if you're getting closer to your goals - or even if it's likely that you'll ever reach them. You make random purchases of things you don't really want or need. You end up kicking yourself when you don't have money left for important items
What may happen without using a budget (continued)? You may go into debt.
Income Money you earn.
What are some examples of income? Paychecks, allowance, payment for odd jobs like babysitting or yard work, gift cards or birthday money, social security, disability or unemployment benefits, proceed from selling your stuff, interest earned in savings account.
Fixed Expenses Cost the same every time - often a set monthly payment. Know what needs to be paid and when. Amount is set by someone else. Can't adjust payment if $ is tight.
Variable Expenses Common expenses where the amount is different each time, such as paying for groceries or gas. Have control of how much it'll be. Ex. Can change how often you eat out.
Periodic Expenses Arise occasionally during the year, usually less than once a month. School fees and trip expenses are an example. You don't have to deal with this every month, but it can blow your budget if you spend too much on it.
Created by: Blissful_Olive