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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