| A | B |
|---|
| list of things that humans need for survival | Shelter, Clothing, Water, Heat, Food |
| list of things that humans want (not required for survival) | Smart watch, Flat screen tv, mulberry bag |
| budget | financial plan of income and expenditure |
| income | term that describes money coming into the household or business |
| expenditure | term that describes money leaving the household or business |
| profit | a term that describes when income > expenditure |
| loss | a term that describes when income < expenditure |
| loans and credit cards | types of credit |
| interest | term used to describe charge you pay on credit |
| gas, electricity, mortgage | list of household expenses |
| salary, benefits, dividends, money gifted to you | examples of income coming into the house |
| holiday, house, wedding, car, education | reasons why we budget |
| disposable income | salary - expenses = |
| cut back in luxury items | one way to save money |
| bank or savings account | where to place our money |
| this account earns higher rates of interest | why place money in a savings account |
| take control of finances, reduces stress, builds wealth | purpose of budgeting |
| savings | basic budget should include income, expenses and ? |
| envelope system | example of a basic budgeting method |
