Needs

Things that you must have, such as food.

Utilities

 Services such as electricity, gas, water, and heat.

Wants

Things that you want, but you can go without.

Expenses

Money spent on something you need or want.

Expense record

An organized chart used to list things you spent money on for a certain period of time, such as a week or a month.

Fixed Expenses

expenses that stays the same week to week, month to month.

Variable expenses

Expenses that change week to week, month to month.

Income

Money you earn from working, or receive from investments or from other sources.

Savings

The difference between your income and total expenses.

Budget

A plan for spending and saving money

Transfer

To move money from one budget to the next budget.

Balanced Budget

A plan where income is equal to the sum of expenses and savings.

Estimate

To round to get an answer that isn’t exact; answers you get when you are using rounded numbers.

Interest

Extra money you need to pay the lender for loaning you money.

Predict

To make guess about the future.

Debt

Money that is owed.

Average

The sum of a numbers divided by how many numbers are in a set.