| A | B |
|---|
| Budget | An organized plan for saving and spending based on your expected income and expenses |
| Balanced Budget | A situation where income and expenses are equal |
| Budget Surplus | A situation where money is left over after all obligations have been paid |
| Budget Deficit | A situation where there is not enough money to cover expenses |
| Net Pay Aka Disposable Income | What remains from gross pay after taxes and other deductions have been taken away |
| Gross Pay | An amount of pay, wages, salary, or other compensation before deductions, such as for taxes, insurance, and retirement. |
| Income | Money earned in exchange for work |
| Expenses | The things people pay for with their money |
| Fixed Expenses (costs) | Expenses that remain the same each month |
| Variable Expenses (costs) | Expenses that increase or decrease each month |
| Cost of Living | Expenses required for basic needs. |
| Philanthropy | 3 T’s giving Time (volunteering), Talent (skills/expertise), and Treasure (money/assets) |
| Non-Profit Organizations | Organization not created for profit. |
| Rent | Payment for use of property |
| Lease | A contract granting temporary property use |
| Own | acquired property held in one's name |
| Mortgage | Loan secured by real property |
| Comparison Shopping | Evaluating prices before making purchases. |
| Fiscally Responsible | Managing money by balancing income with expenses to ensure long-term sustainability and avoid excessive debt. |
| Impulsive Spending | Making purchases without comparing costs or benefits beforehand |
| Cash Flow | Money movement in or out. |
| Saving | setting aside money until a future date instead of spending it today. |
| Investing | The process of setting money aside to increase wealth over time and accumulate funds for long-term financial goals such as retirement |
