Budgeting Flashcards
1
Q
What is a FIXED budget expense?
A
Same amount every month (like rent)
2
Q
What is a VARIABLE budget expense?
A
Different amount every month (like groceries, gas)
3
Q
What is a PERIODIC budget expense?
A
Only happens occasionally; can be the same amount or a different amount each time (like annual subscriptions, clothing, gifts)
4
Q
Describe a 70/20/10 budget
A
70% to spending & debt repayment
20% to saving & investing
10% to charitable giving
5
Q
What kind of savings fund should you have in case you lose your job?
A
Emergency Fund
6
Q
What kind of savings fund would be helpful for a last minute chance to travel?
A
Opportunity Fund
7
Q
Describe a 50/30/20 budget
A
50% Needs
30% Wants
20% Save & Invest
