| A | B |
|---|
| income | Money earned---from wages, salaries, tips, withdrawals from savings, interest earnings, scholarships, sales of properties or possessions, gifts, etc. |
| expense | Money spent---for both fixed and flexible expenses; an expenditure |
| anticipated | An amount of income or expense that is expected, planned, or projected |
| actual | An amount of income or expense that was really earned or spent |
| fixed expense | An expense that is due by a certain date, often agreed upon in a contract, and difficult to change in a short time |
| flexible expense | An expense that is not due by a certain date and is easy to reduce or eliminate |
| specific financial goal | A financial goal that states exactly what is to be done with money |
| measurable financial goal | A financial goal that gives an exact dollar amount |
| attainable financial goal | A financial goal for which one can determine how to reach it |
| realistic financial goal | A financial goal that is affordable and doable |
| time-bound financial goal | A financial goal that states exactly WHEN the goal needs to be reached |
| organize spending plan | Determine appropriate recordkeeping format, select categories and time period |
| decide | Make realistic decisions and estimates for categories of the spending plan |
| implement | Put the spending plan into effect |
| control | Keep accurate records while the spending plan is being implemented |
| evaluate | Determine how well the spending plan process has worked |
| envelope system | Placing exact amount of cash for an expense in a labeled envelope |
| spending plan | A financial statement used to track expenses from day to day |
| check register system | Tracking expenses in a checkbook register divided into spending plan categories |
