Benefits
Which of these is a benefit of budgeting?
A.Keeping your finances under control
B.Not having enough money
C.Not getting free money
A.Keeping your finances under control
How is budgeting used in our daily lives?
Budgeting keeps our spending in check for our future.
What is the first step to creating a budget? A.Balancing budget
B.Plan for savings C.Setting goals
C. Setting goals
Read the following:
Maria owns a job, she normally gets paid $2500 But one day there were low in customers, therefore she only got paid $1900. Her pay was $600 less.
What is this example? A Surplus or a Deficit?
This example is : Deficit budget
What is the meaning of Income?
Income is money you earn or receive.
What is not a benefit of budgeting?
One thing that is not a benefit of budgeting is that it doesn't automatically increase your income.
How much of my income should be allocated to savings each month?
This helps ensure your're setting aside enough money for future goals while still covering your necessary
What is NOT a step to create a budget?
A. Ignoring your spending
B. Keeping a close look at what you are spending
C. Keep budget in check
A.Ignoring your spending
What is the meaning of budgeting surplus?
Budgeting surplus means you have extra money left over after covering all your expenses. This is great for something like investing.
What is the meaning of a Savings Goal?
The amount you aim to save for a specific purpose.
What are some benefits of creating a budget?
Helps manage money, saves for big goals, and reduce financial stress.
What should be the necessary spends for budgeting, and unnecessary spends.
A. groceries, duplicate kitchen gadgets, unused decorative items, shoes
B. reusable bags, can opener, old magazines
C. groceries, clothes, toilet paper
A. groceries, duplicate kitchen gadgets, unused decorative items, shoes
What is a step to create a budget?
A. Ignoring your spending
B. Keeping a close look at what you are spending
C. Don't monitor
B. Keeping a close look at what you are spending
Read the following example:
Jenny owns a house, she pays her bills every month but always has leftover or remaining money.
What is this example? A Surplus or a Deficit?
This example is: Surplus Budget
The amount of money you actually receive after deductions are taken out
net income
Can budgeting benefit you?
Yes , budgeting can benefit you in many ways such as allowing you to save for big goals, like vacation or a new car.
What is one/multiple common budgeting mistake(s) to avoid?
Common budgeting mistakes to avoid are not tracking spending, setting unrealistic goals, forgetting to budget for fun, ignoring irregular expenses, and or not adjusting your budget regularly.
Bill Gates may recommend use of this device for creating and maintaining your budget
computer
What are 2 examples for a Deficit budget spending?
A. medicare
B. Social security
What is the meaning of Variable Expenses?
Changing cost (like groceries)
What is one beneficial tip to staying on track with saving?
Some examples of beneficial goals are realistic goals, automating your savings by setting up automotive transfers, tracking your spending, creating a budgeting and sticking to it, or reviewing your progress regularly and adjusting if needed.
What is a good amount for an emergency fund?
A. At least three to six months' worth of expenses
B. 20,000$
C. 1,000$
A. At least three to six months' worth of expenses
Read the following statement. Give a reason why you chose your answer.
To start budgeting, you must ____?
To start a budget, you must set the goal you want to budget and to continue following it.
How can we use a budget Surplus?
On debt, or reinvest in your own business.
Another term for expenses
Amount