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Budgeting

Income budgeting and expenses

TermDefinition
Value what is important to your family, others in your culture?
want have a desire to possess or do (something); wish for
need require (something) because it is essential or very important rather than just desirable.
salary A fixed amount of money paid to an employee for each pay period.
expense Products, services, or bills you are responsible for paying
fixed expense Expense that stays the same each month
gross pay Total earnings before any deductions are take
net pay Total earnings after payroll taxes and other deductions; also called take-home pay
income Money that is earned from work, investments, business, etc
peers People you know. You might want it because your friend or people your age have bought it .
habit You are accustomed to doing it this way
family Your mother, sister or brother's preference. You look at what they have purchased.
emotions/feelings If you do make a certain decision. If you don’t make a certain decision
value What is important to your family, others in your culture?
risk and consequences What (or how much) you stand to win. What (or how much) you stand to lose
age whether you're a minor or adult
income Determine your ____________________.
fixed expenses Determine your ___________ ____________.
flexible expenses Determine your ___________ _____________.
expenses, income Total _____________ and subtract from ____________.
unplanned, unexpected, Determine course of action for ___________expenses What you do with left over income.
problem Identify the ______________.
information, alternatives Gather _________________ and list possible ______________.
consequences Consider _______________ of each alternative
action Select the best course of ____________.
Evaluate ____________________the results.
Created by: dewingwilliams
Popular Family and Consumer sets

 

 



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