Food, Water and Shelter is an example of what
needs
unexpected costs, monthly premiums, medical, auto
insurance
designer shoes, apple watch, manicure, pedicure
wants
salary, wages before taxes
gross income
what the government takes out of your earnings
income taxes
True or false: I would rather have my gross pay than my net pay
true
The pay you receive after you pay taxes
net pay
Why is it important to know the difference between gross pay and net pay?
To help you budget the correct amount from your check
How can creating a budget help you manage money better?
You won't be short when all of your bills are due and it can help you save for the future
Imagine your first job. What if your net income was less than you expected?
make cuts to my budget/change my budget
what is it called when you make are paid hourly?
wages
A monthly bill paid for things like insurance
premium
payments required to be paid to federal, state and local governments that is used to fund programs and services
taxes
