Money Skills Vocabulary

2. A person who supports and encourages another in achieving their budgeting and financial goals, often providing motivation and oversight.
6. Money received on a regular basis, typically from employment, investments, or other sources, used to fund expenses and savings.
10. A budgeting method where cash is divided into envelopes designated for specific spending categories, helping individuals control expenses.
11. Money that is set aside from income for future use, often kept in a bank account or investment vehicle to earn interest.
14. Non-essential expenses that can be adjusted or eliminated, such as entertainment or dining out, allowing for more flexibility in a budget.
15. The act of spending more money than is allocated in a budget, which can lead to financial difficulties.

1. The total amount of money being transferred in and out of an individual's account, reflecting their liquidity and financial health.
3. The amount of money left after all expenses and taxes have been deducted from gross income, representing actual take-home pay.
4. Any cost incurred in the process of spending money, which can be categorized as fixed (constant) or variable (changing).
5. A savings reserve set aside for unexpected expenses or financial emergencies, providing a safety net.
7. Regular, consistent expenses that do not change in amount over time, such as rent or insurance premiums.
8. Specific objectives that individuals aim to achieve through budgeting and saving, such as buying a home, paying off debt, or planning for retirement.
9. To allocate money or resources with the expectation of generating a profit or achieving a financial return over time.
12. A financial plan that outlines expected income and expenses over a specific period, guiding individuals on how to allocate their resources.
13. Costs that can fluctuate from month to month, such as groceries or utility bills, requiring careful monitoring in a budget.