Budgeting (Leaving Cert Home Economics): Flashcards
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Practise the cards
13 cards from this deck
Definition of budgeting
Definition of budgeting
Structured plan tracking income & outgoings
What a budget represents
What a budget represents
Roadmap for your money
Prioritising expenditure meaning
Prioritising expenditure meaning
Organising spending: essentials before optional items
Fixed expenses definition
Fixed expenses definition
Regular amounts that stay the same each month
Variable expenses definition
Variable expenses definition
Amounts that change monthly
50/30/20 rule breakdown
50/30/20 rule breakdown
50% needs, 30% wants, 20% savings
50/30/20 rule: needs %
50/30/20 rule: needs %
50%
50/30/20 rule: wants %
50/30/20 rule: wants %
30%
50/30/20 rule: savings %
50/30/20 rule: savings %
20%
Recommended savings rate from income
Recommended savings rate from income
10-15% of income
How often to review budget
How often to review budget
Monthly
MABS full name
MABS full name
Money Advice and Budgeting Service
Debt avoidance meaning
Debt avoidance meaning
Preventing borrowing by living within means