A FINAL WORD - Family Budget
Let the family budget be your general guideline or specific checklist – the way you choose to implement and use it, entirely up to you, what you are facing, your situation, challenges and obstacles, opportunities and goals. Unbudgeted items and unexpected expenses can all be handled better if you are prepared and plan for them to an extent, set aside some cash to address the demand on resources (maybe at a time when you least expect it). Getting and staying motivated, on track despite setbacks, unexpected upset or expense, breakdown, maintenance, not despair or quit takes some doing. Remain flexible and creative in your team-effort type problem-solving. Good luck with your budgeting efforts as a family- enjoy the learning, mastery and rewards that come with it! FAMILY BUDGETING GLOSSARY annualized rate A percentage rate of change calculated to show what the change would be over one year. Whether an annualized rate for a short period would be indicative of average growth over the coming year depends on how much the variable in question is subject to short-term changes, such as seasonal factors or special developments. Barring any short-term changes, if economic growth in the first quarter of a year were 1 per cent, the annualized rate would be about 4 per cent. (It would slightly exceed 4 per cent because of compounding.) Budget An itemized summary of probable expenditures and income for a given period. budgetary spending The spending for which you have oversight and responsibility. budgetary transaction Transaction that affects the net indebtedness of the family unit/household financials compound interest The interest earned on a principal amount, including interest earned in an earlier period. A deposit (or loan) compounded at 10 per cent annually will double in about seven years if no money is taken out (or paid back). Contingency Reserve Funds set aside in the fiscal projections to cushion against changes , if unused applied for debt-reduction Expenditure Management System (EMS) EMS facilitates meeting targets and commitments with greater involvement and ongoing review, as well as discussion and consultation on funding of new priorities through reallocation. Part of the budget planning process family trust property to be held by a trust for the benefit of beneficiaries under the trust, succession planning for businesses, dealing with the needs of beneficiaries in special circumstances, such as age and disability. income The money and other benefits in a family, income resources, money in wages, interest, dividends, realized capital gains, private and public pension payments, rents, royalties, net business income and self-employment income, family income; investment income. long-term interest rate Interest rate applying on money lent for a period of 10 years or more, being much higher than short-term rates non-budgetary spending Items excluded from budgetary spending, mainly expenditures outside the family action / financial plan or set budget One-Time Expenditures describe and differentiate non-recurring expenditures from routine ongoing costs within a given budget. per capita (par habitant). Per person. Economic metric for budget purposes personal income Income received by individuals from all possible sources. personal income tax Tax on personal earnings, income Revenue Class Used for budgetary classification. Major classes include Taxes, License and Permits and Franchises; Fines, Forfeitures and Penalties; Use of Money and Property; Miscellaneous Revenue and Other Financing Sources. Salaries and Benefits, full-time, part-time, temporary, and extra-help employees, including overtime, vacation pay, sick-leave pay and various types of premium pay, Social Security and Workers’ Compensation. tax credit An amount deducted directly from income tax otherwise payable. taxable capital gain The portion of capital gain realized during the year that is required to be included in income. This is equal to one half of the net capital gain. taxable income Net income minus certain allowable deductions, net income. total income For personal income tax purposes, the sum of all income, including wages, dividends, interest, taxable capital gains, private and public pension income, employment insurance benefits and business income. wealth tax Tax imposed either annually (annual net wealth tax) or at death (gift, inheritance or estate tax) on the net value of assets. |
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