Chapter 2, Budgeting Basics

Income

money received for work, as a gift, or through investments

Fixed Expense

expense that remains the same from month to month

Variable Expense

expense that varies in dollar amount from month to month but that you can expect to have every month​​​​​​​

Intermittent Expense

expense that occurs at various times throughout the year and tends to be in large, lump sums

Discretionary (Nonessential) Expense

expense for things you don’t need