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14 terms

Budget Review

A plan for how your money is going to work
#1 Rule
Pay yourself first
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
Anything of value that you own
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