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17 Cards in this Set
- Front
- Back
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income
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money that you bring in
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taxes
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fees used to support governments programs and are required by law
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state taxes
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-fee collected by state governments
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pay yourself first
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treat saving like a FIXED EXPENSE
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gross income
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total amount of income from wages
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federal taxes
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fee collected by federal governments
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Social security tax
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small income provided to elderly, disabled, orphaned
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variable expense
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expense that moves in amount offering more control of the total amount owed
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Net Income
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take home pay, amount left after tax deductions
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Discretionary income
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expenses categories that not absolutely necessary, such as vacations or entertainment
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fixed expenses
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expense that costs the same amount every time usually in a month timeframe
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periodic expense
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expenses that are not paid every month and can be either fixed or variable
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PYF
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pay yourself first.
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reasons for a spending plan?
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so you don't waste all of your money on stupid stuff.
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things to keep track of when budgeting?
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-checking accounts statements
-saving and investing statements -pay stubs -tax documents -insurance statements -loan and credit car statements -receipts and warranties |
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how to build a budget?
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-establish timeframe
-list income -subtract expenses from income -study and adjust |
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examples of kinds of expenses?
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fixed
variable periodic |
