Budget vocabulary

1. An organized plan for saving and spending based on your expected income and expenses
4. Budget A situation where income and expenses are equal
5. – The process of setting aside money until a future date instead of spending it today. The goal of saving is to provide funds for emergencies, short-term goals, and investments
8. expenses Expenditures that change each month and can be reduced or eliminated if necessary
11. Using a portion of income to make charitable contributions
12. The act of paying money for something
13. Plan – A plan of action that allows a person to meet not only the immediate needs but also the long-term goals
15. mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
16. worth The total value of a person or company, which can be calculated by subtracting liabilities from total assets
17. deficit A situation where there is not enough money to cover expenses
18. income The money you have to spend or save as you wish after taxes, social security, and other required and optional deductions have been withheld from your gross pay
20. habits The ways in which a person typically uses money

2. The things people pay for with their money
3. expenses Expenses that increase or decrease
6. The process of setting money aside to increase wealth over time and accumulate funds for long-term financial goals such as retirement
7. Money earned in exchange for work, or received from investments, allowance, or gifts
8. expenses Expenses that remain the same each month
9. Money owed to individuals, businesses, or institutions
10. anything that is owned by an individual
14. spending Making purchases without comparing costs or benefits beforehand
19. yourself first The concept of putting aside a sum of money into savings each month before paying other bills