FinLit Budgets

A plan for spending and saving. You must consider both income and expenses.

The amount of money earned over a period of time. It comes from salary/wages, allowances, gifts, etc.

An expense that is the same amount and cannot easily be changed, like rent.

An expense that differs from month to month. The amount you spend or food or clothing for example.

Which of the following is an example of a want (non-essential expense) for most people?

Which of the following is an example of a need (essential expense) for most people?

Which is a retirement plan that allows employees to save earnings before they are taxed?

A portion of your income that you do not spend on your current needs, but instead set aside for future needs.

Debt is the amount of money you have borrowed, or that you owe.

Taxes on your income that you pay annually to the government to help fund government services.