A plan that outlines expected income and expenses over a specific period, helping manage finances.

A strategy for setting aside a portion of income regularly to achieve financial goals.

Specific objectives related to money management, such as saving for a car or retirement.

Various ways to earn money, including salaries, freelance work, and investments.

Costs incurred for goods and services, categorized as fixed or variable.

Regular, unchanging costs like rent or mortgage payments.

Costs that fluctuate, such as groceries and entertainment.

The total amount of money being transferred in and out of an account, indicating financial health.

Applications or methods used to monitor income, expenses, and savings.

The process of analyzing and adjusting a budget to reflect changes in income or expenses.

A bank account designed to hold money that is not intended for immediate spending.

Savings set aside for unexpected expenses, typically 3-6 months of living costs.

Money borrowed that must be repaid, often with interest.

The percentage charged on borrowed money or earned on savings.

The difference between total assets and total liabilities, indicating overall financial health.

The ability to understand and effectively manage personal finances.

Different strategies for creating a budget, such as the 50/30/20 rule.

Setting up automatic transfers to savings accounts to encourage saving.

A detailed outline of how to allocate income towards expenses and savings.

The act of allocating resources, usually money, in order to generate income or profit.

A savings plan with tax advantages for individuals to save for retirement.

A professional who provides guidance on managing finances and investments.

The process of budgeting, saving, investing, and spending wisely.

Personal aspirations that influence financial planning, such as travel or home ownership.