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Chapter 3 Vocab
| Term | Definition |
|---|---|
| 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 |
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ironhiderocks