Budgeting 101
A budget is: 1) A plan for spending and saving your money; 2) the amount of money you earn each month, OR 3) a way to brag about how much money you have.
Is food a need?
Yes! Food is a need.
Is the newest iPhone a want?
Yes, the newest iPhone is a want.
Give an example of a Need.
(A necessity; Answers may vary)
True or False: When creating a budget, you should consider your “needs” expenses first.
True
Is a Nintendo Switch a need?
No, a Nintendo Switch is a want.
No, groceries are a need.
Give an example of a Want.
(A comfort; Answers may vary)
True or False: When creating a budget, you need to know how much income you receive.
True
Is housing a need?
Yes! Housing is a need.
Is a Netflix subscription a want?
Yes, a Netflix subscription is a want.
Give an example of a Need.
(A necessity; Answers may vary)
True or False: It is okay to spend more money than you have. For example, if you have $50 and buy something that costs $75.
False. Spending more money than you have can lead to being in debt, which can cause issues within a budget.
Is a TV a need?
No, a TV is a want.
Is paying for the MBTA RIDE a want?
No!! The MBTA RIDE is a need!
Give an example of a Want.
(A comfort; Answers may vary)
True or False: Once I create my budget, it will never change.
False! Budgets can change depending on many reasons such as changes in jobs, housing, and benefits, which can all affect your income and expenses.
Are shoes a need?
Yes/No. (share your thoughts)
Are clothes a want?
Yes/No. (share your thoughts)
Give an example of something that is both a Need and a Want.
(A necessity in some quantities, but becomes a want in others; Answers may vary)