Econ vocabulary (module 1 money management, control your cash flow)
A regular tendency or practice, especially one that is hard to give up.
A place where you record everything you spend money on and track how much money you spend each day.
Deciding that you want something and buying it right away.
Waiting until you know you can afford to buy something.
Acting without thinking.
Items needed in order to live.
Items that are desired, but are not needed to live.
Beliefs and practices in your life that are very important to you.
Something you aim for, something you want to be, do, or have at sometime in the future.
A goal that goes through the stages of the acronym SMART.
Short range goals
Goals you want to achieve within 3 months.
Medium range goals
Goals that are set to achieve in 3 months to the next few years.
Long range goals
Goals you hope to achieve in five, ten, or more years from now.
Internal Revenue Service (IRS)
The division of the US Department of the treasury responcible for the collection of taxes, income, and other tax related things.
Making up your mind on something.
Rule of 72
The amount of time it takes, based on the amount of interest you earn, for you to double your money.
A series of actions or steps that lead to a conclusion.
Strategy to help you make wise decisions.
The value of the next best thing.
An estimate of income and expenses for a set period of time.
The money recieved.
The cost required for something ( the money spend on something).
Expenses that do not change.
Expenses that change depending on how much of the product you use.
Expenses that occur on a regular basis rather than monthly.
Pay yourself first (PYF)
Putting aside money into savings before spending it on anything else.
An account used to put aside funds needed in an emergency.
The process of making small modifications to improve or optimize the outcome.
Live below your means
Spending less than what you are making.
Define your goal
Establish your criteria
Choose two or three good options
Identify the pros and cons
Decide what is best
Evaluate the results
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