Module 1: Money Management – Flashcards
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Spending Log
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A list in which you record everything you spend money
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Delayed Gratification
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Waiting until you know you can afford something.
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Needs
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Things that are essential to your health and security.
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Wants
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Things that make life more interesting, but you can get by without them.
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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 that you want something and buying it right away.
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Opportunity Cost
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The feature in which you give up when choosing between similar items.
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Spending Plan/ Budget
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Your particular plan that details exactly how you use your money to pay for the things that you want and need.
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Income
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Money that you receive.
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Expenses
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Anything that you spend money on.
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Fixed Expenses
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Type of expense that costs the same amount 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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Expenses that arise occasionally during the year, usually less than once a month.
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PYF (Pay Yourself First)
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Setting aside a specific amount of money that you receive each month for your goals
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Emergency Fund
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Type of PYF expense in which you deposit a set amount of money each month so that it will be there when you need it, if you need it.
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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.
