HSFPP – Module 1 – Money Management: Control your Cash Flow – Flashcards
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Need
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Things that are essential to your health and security
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Want
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Things that make life more interesting and fun but you can get by without
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Spending Log
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Records everything you buy
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Delayed Gratification
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Waiting until you know you can afford something
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Values
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The ideas and beliefs that are most important or most meaningful to you
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Instant Gratification
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Deciding you want something and buying it right away
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Opportunity Cost
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The loss or potential gain from other alternatives is chosen
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Budget
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Details exactly how you're going to use your money to pay for the things you need and want
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PYF
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Pay Yourself First
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Income
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Money you receive
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Expenses
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What you spend money on
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Fixed Expenses
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Cost the same every time
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Variable Expenses
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Common expenses where the amount is different each time
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Periodic Expenses
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Arise occasionally during the year, usually once a month
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Emergency Fund
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An account used to set aside funds needed in the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major expense.
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Cash Flow
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The money flowing into your pockets as income and flowing out as expenses and debt
