Today we talked about some key terms and those key terms were:
Budget: A balanced estimate of your income and expenses.
Budget: A balanced estimate of your income and expenses.
Ex: Amount of money in your pocket
Regular Income: Income that is received in the same amount.
Ex: Wage, Salary, Income
Variable Income: Income that is received at in different amount almost every time or not received every pay cheaque.
Ex:Commission, Gifts, Birthday Presents, Bonuses, Tips
Recurring Expenses: Expenses that you deal with on a regular basis.
Ex: Rent, Orthodontics, Morgage, Car loan
Variable Expenses: Expenses that keep changing weekly or monthly.
Ex: Food, Phone Bill, Clothes, Hydro, Drivers License Fee, Car Insurance
Unexpected Expenses: Expenses that you don't expect to happen from time to time.
Ex:Flat tire, Chip in Window, Health Care, Funeral Expenses.
Ex:Commission, Gifts, Birthday Presents, Bonuses, Tips
Recurring Expenses: Expenses that you deal with on a regular basis.
Ex: Rent, Orthodontics, Morgage, Car loan
Variable Expenses: Expenses that keep changing weekly or monthly.
Ex: Food, Phone Bill, Clothes, Hydro, Drivers License Fee, Car Insurance
Unexpected Expenses: Expenses that you don't expect to happen from time to time.
Ex:Flat tire, Chip in Window, Health Care, Funeral Expenses.
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