Budget Review

Created by BradleyHS 

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Budget

Budget

A plan for how your money is going to work

#1 Rule

Pay yourself first

10%

Amount you should save of your paycheck

Unexpected expenses

Expenses that you can't control

Fixed expenses

Expenses same every month

Variable expenses

Expenses that change every month

Asset

Anything of value that you own

Liabilities

Debts that you owe

Net worth

Difference between the amount that you own and debts that you owe

Gross income

Total amount of income before payroll deductions

Net income

Money left after deductions are taken from your paycheck

Discretionary income

Money left after you pay for essentials

Budget variance

Difference between the budgeted amount and the actual amount that you spend

Take Home Pay

Money left after deductions taken from your paycheck

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