Millionaire

WordstoKnow

scarcityScarcity is when there is not enough of something to go around.

incomeIncome is how much money you get, either from a job, chore, or as a gift.

depositWhen you add money to the money that you already have, that is called a deposit.

expensesExpenses are the money that you spend, either on things that you need or on things that you want.

withdrawalWhen you take money away from the money that you have and spend it, that is called a withdrawal.

budgetA budget is a record that you keep of your income and expenses.

budgetOnce you know how much money you earn and how much you save, you will know how much money you have left over.

budgetWith a budget, you can plan to have more money left over by spending less money.

Financial goalsA financial goal is when you decide how much money you want to have to use for a specific reason.

savingsWhen you keep money, and not spend it, so that it adds up to be more and more money, it is called savings.

Beginning balanceThe beginning balance is the total amount of money that you have to begin with.

Ending balanceThe ending balance is the total amount of money you have after you had added your income or taken away your expenses.