Money Management

14 terms by haleymet

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Budgeting

A plan for how you will spend your money

Quiken

Internet resource that keeps track of your money (primarily how it is spent)

Personal Financial Planning

Arranging how you will spend, save, and invest your money

Balance Sheet

Contain assets (liquid and non-liquid) and liabilities (current and long term)

Cash Flow Statement

Contains income, expenses (fixed and variable) surplus, and deficit

Discretionary Funds

What you have left over at the end of each month after you have paid neccessary expenses and taxes

Net Worth

Assets - Liabilities

Variable Expenses

Expenses that change from month to month

Assets

Your wealth; liquid: cash, money in savings and checking accounts; non-liquid: property and possessions

Liabilities

Debts that you owe; current: pay in 1 year; long term: over 1 year to pay off

Emergency Fund

An easy access savings account to pay for unexpected expenses and emergencies

Liquid Assets

Wealth; cash, money in savings and checking accounts

Chapter 7 Bankruptcy

Assets sold off to pay creditors most (not all) debts are "written off"

Chapter 13 Bankruptcy

Most assets kept but plan to use income to pay debts is mandated by court (most debt is paid over a long period of time)

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