How to Budget
Name one way to budget. (keep track)
record your expenses, calculate things a head of time
You need to keep this organized when budgeting.
bills and receipts.
You budget because you want to save this?
want to save money.
Budgeting gives you________over your money.
control over your money.
When budgeting, you should focus on this first.
debt.
How can you estimate your income for a week?
Multiple hours you will work by your rate, consider/subtract taxes taken out
You need to differentiate between these when you are budgeting.
wants vs needs.
You need to budget because you want to have enough money for this. (long time)
ensure you have enough money for life/big expenses
Budgeting can keep you______on your money goals.
focused/ on track with
When budgeting, you should create a __________ for the month to manage your money.
a time line.
When you choose something to save for this is called?
A goal.
When creating a budget you need to be ____ when setting a goal.
realistic.
Why is it wise to have extra money in your savings?
for emergency expenses.
Budgeting makes you aware with what is going on with _____.
with your money.
You need to set these when budgeting for a long time.
goals.
You need to make sure that you do this weekly or monthly.
balance your checking account
You should always do this when you have been budgeting for a while.
revisit and recalculate your budget.
A big reason to budget is so that you don't loose this.
money.
Budgeting can help you organize this.
spending and savings
You should track your spending for this long at one time.
one month.
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.
make savings automatic.
When you have small expenses, you should pay in this.
cash
You need to budget to stay out of this.
debt.
A benefit of budgeting is so you can always have money for_______. (unexpected)
emergencies.
The income MUST EQUAL or be more than
expenses.