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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. A budget is basically a financial plan for a specific period, usually a year, which is known to greatly increase the success of any financial venture. A corporate budget is needed to operate at maximum efficiency. In addition to allocating resources, a budget can also help with goal setting, performance evaluation, and contingency planning. Personal budgets are extremely useful for managing an individual’s or family’s finances in both the short and long term. Automatic Bill Payment
September 25, 2022 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
September 25, 2022 Autonomous consumption is defined as spending that consumers have to make even if they have no disposable income. Discretionary Expense
September 25, 2022 Discretionary spending is spending that is not essential for working from home or business. Disposable Income
September 25, 2022 Disposable income is net income. This is the amount left after paying taxes. Electronic Bill Payment and Presentment (EBPP)
September 25, 2022 EBPP are systems used to collect payments electronically. Fund
September 25, 2022 A fund is a collection of money intended for a specific purpose. Groupon
September 25, 2022 Groupon started in 2008 as an online coupon site that offered daily deals as marketing promotions for local businesses. Household Expenses
September 25, 2022 Living expenses are a breakdown of total living expenses per person. Open-End Lease
September 25, 2022 Perpetual leases are used for both commercial and personal purposes - often for the purchase or lease of vehicles. Performance Budget
September 25, 2022 Performance budgets reflect the input of resources and the output of services for each department or division of the organization. Total Cost of Ownership (TCO)
September 25, 2022 Total cost of ownership (TCO) includes the purchase price of a specific asset plus operating costs over the life of the asset. Voluntary Simplicity
September 25, 2022 Voluntary simplicity negates the accumulation of money and material goods in exchange for a more meaningful and less stressful life. Average Propensity to Consume
September 25, 2022 Income, whether individual or national, must either be spent or saved. Caveat Emptor Meaning
September 25, 2022 Caveat emptor is a Latin phrase meaning “let the buyer beware”. Deferred Compensation
September 25, 2022 Deferred compensation plans are an incentive that employers use to keep key employees. Discretionary Income
September 25, 2022 Discretionary income is the money left after a person pays taxes and basic goods and services such as housing and food. Emergency Fund
September 25, 2022 An emergency fund is a financial safety net in case of future setbacks and/or unexpected expenses. Financial Health
September 25, 2022 The state and stability of a person’s personal finances and financial affairs is called his financial health. Finder's Fee
September 25, 2022 A lookup reward or referral fee is a commission paid to an individual or entity that facilitates a deal by associating a lead with an opportunity. Green Monday
September 25, 2022 Green Monday is the second Monday in December and one of the busiest retail sales days in the US.
eBay claims to have coined the phrase in 2007 after realizing that its highest selling day was the second Monday of that year. Life-Cycle Hypothesis (LCH)
September 25, 2022 The Life Cycle Hypothesis (LCH) is an economic theory developed in the early 1950s that states that people plan their spending throughout their lives, taking into account future income. Personal Income
September 25, 2022 Personal income is the amount of money shared by the people of a country. Quality of Life
September 25, 2022 Quality of life can be directly related to job satisfaction. Service Charge
September 25, 2022 A service fee is charged to pay for services associated with the primary product or service being purchased. Tax-Free Savings Account (TFSA)
September 25, 2022 Tax Free Savings Accounts (TFSA) are a type of tax-advantage account available to Canadian residents aged 18 and over.