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Home Categories Budgeting & Savings Automatic bill payment occurs when money is automatically transferred on a scheduled date to pay recurring bills such as a mortgage, credit card, or utility bill. Autonomous consumption is defined as spending that consumers have to make even if they have no disposable income. Income, whether individual or national, must either be spent or saved. A budget is an estimate of income and expenses for a certain period of time in the future and is used by governments, businesses and individuals. Caveat emptor is a Latin phrase meaning “let the buyer beware”. Discretionary spending is spending that is not essential for working from home or business. Discretionary income is the money left after a person pays taxes and basic goods and services such as housing and food. Disposable income is net income. This is the amount left after paying taxes. EBPP are systems used to collect payments electronically. An emergency fund is a financial safety net in case of future setbacks and/or unexpected expenses.