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Chapter 3 Vocab

TermDefinition
recordkeeping keeping track of items you spend money on during a period of time
expenditures items you spend money on
budget sheet a record of monthly expenses
living expenses routine expenses, including amounts for food, utility bills, and pocket expenses
budget a plan for using money in a way that meets your wants and needs
fixed expenses regular expenses which do not vary from one month to the next, such as rent
annual expenses expenses which occur only once a year, such as real estate taxes
expense summary a monthly report that compares the amounts that you have spent to the amounts that you have budgeted
emergency fund extra money set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs
Created by: ironhiderocks
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