Personal Finance Vocabulary (Income, Expenses, Budget) - Pages 1-3

Vocabulary flashcards covering key personal-finance terms from pages 1–3 of the notes.

Income

Money you earn from work or other sources.

Expenses

Money you spend on needs and wants.

Savings

Money you set aside for future use.

Credit

Borrowed money that you must repay, usually with interest.

Interest

A fee paid for borrowing money, or earned from saving it.

Debt

Money you owe to someone else.

Loan

Money that is borrowed and paid back over time.

Budget

A plan for how to spend and save your money.

Net Income

Your income after taxes and deductions (take-home pay).

Emergency Fund

Money saved for unexpected expenses.

Mobile Banking

Managing your money through an app or smartphone.

Fixed Expenses

Regular costs that stay the same (e.g., rent, insurance).

Variable Expenses

Costs that change monthly (e.g., groceries, gas).

Rent

Money paid to live in someone else’s property.

Needs vs. Wants

Essentials for living vs. things you can live without.