The act of paying out money to buy goods, services or clear debts.

Having secure financial situations where you're comfortable and able to pay regularly without money stress.

Short term financial goals

A target of money you want to reach in a year or less.

Long term financial goals

A target of money you take five or more years to reach.

The money or financial benefit received by an individual by labor, services, investments, or goods.

An estimated financial plan that outlines projected income.

Putting money away to grow your wealth.

The cost required for something.

A plan that tracks how you manage your money.

S=Specific, M=Measurable, A=Achievable, R=Relevant, T=Time-Bound

Unplanned income Changes/Emergency funds

Unexpected shocks like, sudden job loss, unplanned bills, repair, sudden illness.

A recurring cost that stays the same even when level of activity, production or use. Ex: taxes, streaming services, internet services, bills

An expense that changes amount based on activity level, or production volume. Unlike fixed expenses which stay the same variable go up or down depending on your, needs choices, or business output.

DIscretionary expense

Is an expense that can reduce or delay depending without hurting your income. It's flexible and represents wants more than needs.

Money that changes amount or arrives on a unpredictable schedule instead of a fixed, steady paycheck.

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Budgeting

Question	Answer
Spending	The act of paying out money to buy goods, services or clear debts.
Financial stability	Having secure financial situations where you're comfortable and able to pay regularly without money stress.
Short term financial goals	A target of money you want to reach in a year or less.
Long term financial goals	A target of money you take five or more years to reach.
Income	The money or financial benefit received by an individual by labor, services, investments, or goods.
Budget	An estimated financial plan that outlines projected income.
Investing	Putting money away to grow your wealth.
Expense	The cost required for something.
Personal budget	A plan that tracks how you manage your money.
S.MA.R.T goals	S=Specific, M=Measurable, A=Achievable, R=Relevant, T=Time-Bound
Unplanned income Changes/Emergency funds	Unexpected shocks like, sudden job loss, unplanned bills, repair, sudden illness.
Fixed expense	A recurring cost that stays the same even when level of activity, production or use. Ex: taxes, streaming services, internet services, bills
Variable expense	An expense that changes amount based on activity level, or production volume. Unlike fixed expenses which stay the same variable go up or down depending on your, needs choices, or business output.
DIscretionary expense	Is an expense that can reduce or delay depending without hurting your income. It's flexible and represents wants more than needs.
Irregular income	Money that changes amount or arrives on a unpredictable schedule instead of a fixed, steady paycheck.

Created by: user-2051246

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