| A | B |
|---|
| Budget | allows you to meet your personal goals with a system of saving and wise spending…a detailed plan for the financial needs of individuals and families |
| Budget Variance | difference between actual expenses and amounts budgeted for those expenses |
| Savings | the storage of money for future use |
| Fixed Expenses | are costs that occur on a regular basis and are the same each time…rent, mortgage payments, and insurance premiums |
| Variable Expenses | involve living costs that differ each time and may not be as easy to estimate…food, clothing, and utilities (telephone and electricity), medical and dental costs |
| Allowance | the amount of money you plan to use for a certain budget category |
| Recreation and Education budget category item | purchase of movie tickets |
| Health and Personal Care category budget item | purchase of eyeglasses |
| Transportation category budget item | payment of auto insurance |
| Household category budget item | payment of property tax |
| Savings category budget item | purchse of stocks |
| Food category budget item | purchase of fruits and vegetables |
| Clothing category budget item | dry cleaning costs |
| Gifts and Contributions category budget item | Making a donation to the Cancer Society |
