Money Management

Short Term Goals

less than a year

Intermediate Goals

1-5 years

Long Term Goals

over 5-6 years

SMART Goals 

1. Specific 

2. Measurable

3. Attainable 

4. Realistic 

5. Time Bound 

Wealth 

• Net Worth 

• Assets - Liabilities 

Gross Pay

wages before taxes and other deductions

Net Pay

wages after taxes and other deduction

Fixed expenses 

doesn’t change month to month 

Variable expenses

changes month to month

budgeting

a plan that helps you see how much money you have, how much you spend, and how much you can save

• Typically, on a monthly basis

Security Deposit

• charges rent before you move in - couple months

• will hold security deposit to fix damages in apartment

• What costs do you expect to pay in your first year of car ownership?

• monthly payments

• insurance payments

• registration fees

down payment

• initial payment made by a buyer to a seller at the time of purchase, representing a portion of the total price

• reduced principle

cash allowance 

• reduces principle

• a sum of money provided as a lump sum or regular payment instead of a reimbursement

Unit Price

• price per unit (bag of apples, price of each apple in the bag)