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Personal Budget

TermDefinition
Budget Detailed summary of the expected income and expenses for a defined period of time
Budgeting Process of creating a plan to spend and save money
Assets Belongings which have value
Liabilities Expenses and outstanding debt
Short Term Goals Goals set to be achieved in less than a year of time
Long Term Goals Goals set to be achieved in 10 years time
Needs Expenses which are necessary to live and function
Wants Expenses which help an individual to live more comfortably
Fixed Expesnes Expenses that are the same month to month
Variable Expenses Expenses that change over time
Cost Price you pay for a good/service
Interest Money charged for the use of money
Benefits An advantage or something that helps you
Credit/Credit Cards The ability to buy goods/services now but pay for them later
Mortgage Credit used to purchase a home/land
Investing Using money now to make money later
Debt Money owed
Income Any money earned or received (wages or gifts)
Insurance A means of guaranteeing financial protection against various risks
Saving Setting aside a portion of current income for future use
Created by: mrs.harrell
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