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11 terms

OZECON Budget

STUDY
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Disposable Income
Income after taxes
Budget
A plan on how to save and spend your money
Variable expense
kinds of spending that can be controlled and typically change from month to month.
Discretionary Income
Income that is left over after taxes AND aconsumer's necessary expenses
Fixed expense
expenses which stay basically the same from month to month, such as housing and transportation.
Debt Snowball
When you pay off your smallest debt first and then use that money to pay off your 2nd biggest debt and then...
Emergency Fund
a savings account you can access quickly to pay for unexpected expenses or emergencies
Zero-based budget
A budget that accounts for every dollar earned. The amount coming in matches the amount going out or saved.
Debit Card
a card used to withdraw money from a checking account
debt avalanche
pay off debts progressively, starting with the highest INTEREST RATE first
5 steps to financial "peace"
1. $1000 in an emergency fund 2. Pay of debt (snowball) 3. 3-6 months of savings 4. 15% of income toward retirement in a ROTH 5. Pay off your home early.