BUDGET: A plan documenting how money will be spent over a period of time in relation to your income and expenses.

INCOME: Money received for a period of time. Examples include salary, wages, investment proceeds, business profits etc.

DISPOSABLE INCOME: Income after deductions available to be spent or saved as one wish.

EXPENSES: Accounts or costs that you need to pay each month.

FIXED EXPENSES: Expenses that remain the same every month. This consistency makes fixed expenses much easier to budget for than a variable expense.

VARIABLE EXPENSES: A regular expense but the amount may change e.g. electricity.

IRREGULAR EXPENSES: Any account or cost that is not a regular expense e.g. vet bills.

INVOICE: A document stating the value, quantity and terms of payment for goods and services.

RECEIPT: Written proof of payment for goods and services.

WANTS: A wish or a desire for something to make your life better.

NEEDS: The day-to-day things you need to survive e.g. shelter, food, and clothing.

GOALS: An objective to be achieved within a certain timeframe.

SHORT-TERM GOALS: Goals to be achieved soon, within two years.

MEDIUM-TERM GOALS: Goals to be achieved within three to five years.

LONG-TERM GOALS: Goals to be achieved within five to thirty years.