Financial Peace Chapter 7 Key Terms

6 terms by chaysjr 

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Budget

cash flow plan; assigns every dollar to a specific category/expense at the beginning of each month.

Discipline

self-control used in directing behavior; the key to wealth building is being consistent over time.

Envelope System

series of envelopes, divided into pre-determined categories, used to store cash for planned monthly expenses; self-imposed discipline tool to assist people in managing their monthly finances; possible categories include food, entertainment, gas, etc.

Impulse Purchase

To buy an item without thinking about it.

Reconcile

to match your bank statement with your checkbook, preferably within 72 hours of receiving the statement.

Zero-Based Budget

cash flow plan that assigns an expense to every dollar of one's income, wherein the total income minus the total expenses equals zero.

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