Personal Finance Basics

1. What does having a budget mean? means creating a spending plan that

tracks your income and expenses over a specific time (like a month) to ensure you cover

needs, wants, and savings goals, helping you control spending,

avoid debt, and build financial security by consciously directing your money 2.

What does fixed expenses mean? What are examples… Fixed expenses are predictable,

recurring costs that stay the same (or nearly the same) each payment period,

like rent, loan payments, and insurance premiums 3. Net pay/disposable

income your take home pay after all payroll deductions 4.