Household Budget Terms

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Across
  1. 1. Category Different categories into which expenses are classified, like housing, transportation, and food. Categorizing expenses helps understand spending patterns.
  2. 3. The money spent on various items and services, such as bills, groceries, and entertainment. It helps track where the money goes.
  3. 4. Money set aside for future use, emergencies, or specific financial goals. Saving promotes financial security and achieving long-term objectives.
  4. 6. Expenses Expenses that can vary each month, like groceries, utilities, or entertainment. Monitoring variable expenses is crucial for budget adjustments.
  5. 11. Expenses Non-essential expenses for items like dining out, hobbies, or vacations. Managing discretionary spending is vital for financial balance.
  6. 14. Debts or financial obligations owed by a person or household, like loans or credit card balances. Managing liabilities is crucial for financial stability.
  7. 15. Worth The difference between a person's assets and liabilities, representing their financial position. It's a measure of overall financial health.
Down
  1. 2. Fund Savings set aside to cover unexpected expenses or emergencies, like medical emergencies or car repairs. Having an emergency fund is financially prudent.
  2. 5. Items of value owned by a person or household, such as cash, property, or investments. Assets contribute to net worth calculation.
  3. 7. A financial plan that outlines expected income and expenses over a specific period. Budgeting helps control spending and save for future goals.
  4. 8. The amount of money owed to creditors or lenders, such as credit card debt, loans, or mortgages. Managing debt is essential for financial well-being.
  5. 9. Expenses Expenses that remain relatively constant each month, such as rent, mortgage, or insurance. They are essential for budget planning.
  6. 10. The money earned or received by a person or household. It includes salaries, wages, and other sources of income.
  7. 12. Savings Savings specifically dedicated to funding retirement years, ensuring financial security in old age. Planning for retirement is essential for financial well-being.
  8. 13. Goals Specific objectives set to achieve desired financial outcomes, like buying a house or saving for education. Setting financial goals helps plan for the future.