How to Budget
What is budgeting?
What is track your expenses
You need to keep this organized when budgeting.
What is bills / expenses.
You budget because you want to save this?
What is want to save money.
Budgeting gives you________over your money.
What is control over your money.
When budgeting, you should focus on this first.
What is focus on debt.
Name one credit bureau that you can get your credit score or report from.
What is Experian, Equifax or Transunion
What are the 2 key things you need to create a budget?
What is Net income minus Expenses.
You need to differentiate between these when you are budgeting.
What is wants vs needs.
You need to budget because you want to have enough money for this. (long time)
What is ensure you have enough money for retirement / life.
Budgeting can keep you______on your money goals.
What is keep you focused.
Extra money from your budget should go towards ____?
Debts ( Car payment, House payment, Loans)
Name 2 types of insurance you need.
Health, Renters/Home, Dental, Eye, car, life, etc.
When you choose something to save for this is called?
What is a goal.
When creating a budget you need to be ____ when setting a goal.
What is being realistic.
When you need money for unexpected expenses.
What is emergency fund / expenses.
Budgeting makes you aware with what is going on with _____.
What is being aware with what is going on with your money.
You need to set these when budgeting for a long time.
What is incremental goals.
You need to make sure that you do this weekly or monthly.
What is balance your checking account / register.
Name 1 reason why you should create a budget.
1.Stops overspending 2.Helps reach your goals
3.Makes it easier to save 4.Puts you in control
5.allows you to be flexible with your spending
A big reason to budget is so that you...
What is know where your money is going.
Budgeting can help you organize this.
What is organize spending and savings
You should track your spending for this long at one time.
What is one month.
Give an example of a Fixed Expense
Rent, Student Loan, Car payment, insurance, etc.
You need to do this with savings so that you don't put too much or not enough money in the bank when you are budgeting.
What is pay yourself first
Name 2 types of Budgeting
50/30/20
Zero Based Budget
Envelope Budget
You need to budget to stay out of this.
What is debt.
A benefit of budgeting is so you can always have money for_______. (unexpected)
What is emergencies.
The income MUST be equal to or greater than.
What is Expenses.
Give an example of a Variable Expense
Water bill, Electric bill, Grocery bill, "Wants"