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HSFPP – Module 1 – Money Management: Control your Cash Flow

Need
Things that are essential to your health and security
Want
Things that make life more interesting and fun but you can get by without
Spending Log
Records everything you buy
Delayed Gratification
Waiting until you know you can afford something
Values
The ideas and beliefs that are most important or most meaningful to you
Instant Gratification
Deciding you want something and buying it right away
Opportunity Cost
The loss or potential gain from other alternatives is chosen
Budget
Details exactly how you’re going to use your money to pay for the things you need and want
PYF
Pay Yourself First
Income
Money you receive
Expenses
What you spend money on
Fixed Expenses
Cost the same every time
Variable Expenses
Common expenses where the amount is different each time
Periodic Expenses
Arise occasionally during the year, usually once a month
Emergency Fund
An account used to set aside funds needed in the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major expense.
Cash Flow
The money flowing into your pockets as income and flowing out as expenses and debt

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