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PF 1-2

#1 Intro - #2 Budgeting Basics

QuestionAnswer
Refers to the management of money and financial decisions for individuals or households. Personal Finance (1.1)
The knowledge and skills needed to make informed and effective financial decisions. Financial Literacy (1.1)
Criteria for goal-setting that emphasis being specific, measurable, achievable, relevant, time-bound. SMART Goals (1.2)
A plan for managing money by outlining income, expenses, and savings. Budget (2.1)
The money you receive in exchange for your labor or products. Income (2.1)
The costs for goods or services that are necessary for living. Expenses (2.1)
The portion of income that is not spent on current expenses but is set aside for future use. Savings (2.1)
Costs that remain relatively constant each month. They're predictable and often essential. Fixed Expense (2.2)
Costs that fluctuate from month to month. They can be influenced by various factors, such as lifestyle choices, seasonal changes, and unexpected events. Variable Expense (2.2)
The 5 criteria of SMART Goals Specific, Measurable, Achievable, Relevant, Timebound
The 3 parts of a budget: Income, Expenses, Savings
The 4 Benefits of Budgeting Increased financial control, reduced stress about money, better financial planning, ability to prioritize spending
The 3 main goals of a budget Track income and expenses, ensure financial stability, plan for future needs
The 4 reasons to track expenses Visibility, Budget adherence, Financial awareness, and Goal achievement
Created by: lanichols54
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