2.1 & 2.2
what percent of Americans budget?
35%
What are the four walls?
shelter, utilities, transportation, and food.
after you make a budget you need to __ every expense
track
define irregular income
income that comes in at different amounts or at different times, or both
The average family spends $__ per year on clothing
$1,800
The first component of a budget is....
Income
the best kind of budget is a....
Zero-based budget
when you use cash do you spend more or less?
less
define commission
earnings based on a percentage of the sales made
If we don’t ___ ahead, we will never get ahead. Those who stay behind get left behind.
Plan
Only __% of people do a budget every month
35
define zero-based budget
a cash-flow plan that assigns an expense to every dollar of your income; the goal is for the total income minus the total expenses to equal zero
define Cash-Flow Statement
a record that summarizes all of the income and outgoing (spending) over a certain time period
Every dollar you spend is a ______ of your values
Reflection
_% of couples in "great" marriages say they discuss their personal finances together
94%
a written plan for giving, saving, and spending is called a....
Budget
define net income
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
The average household spends about $__ on groceries
$370
The average American household spends more than __% of their annual income.
90%
money fights are a leading cause to what
divorce
What is the importance of giving
Giving something that seems small to you could be something big to the person you help and bless.
define gross income
the amount you earn before taxes and other payroll deductions
__% of millionaires stick to their budgets
93%
The First Foundation
Saving a $500 emergency fund.
why should you make time to budget
To help you get into the habit of budgeting, it helps to schedule time every month to work on the next month’s budget.