Budgeting Basics
This is a plan that helps you manage your income and expenses.
Budget
This is the practice of setting aside money for future expenses or emergencies.
Saving
Something essential for survival, like food, shelter, or clothing.
Needs
This identification can get you savings, offers, and discounts anywhere from subscriptions to clothes.
This process involves tracking where your money is going and keeping track of how much is being spent.
Expense Tracking
This type of account, often opened at a bank, helps students earn interest on their saved money.
Savings Account
Something you desire but isn't necesary for survival, like a new video game or designer clothes.
Wants
When you need supplies for a class like a certain calculator or a textbook, you can reduce the cost significantly by...
Buying used
This is the term for the money you spend on things like snacks, video games, or movies.
Expenses
Part time job
Need
Your parents cook dinner every night but since you always have some money, you go out to eat with friends everyday. What should you do instead?
Eat at home
This is the term for the money you receive from allowances, part-time jobs, or gifts.
Income
$25-$50
If you only need a computer for school, stretching your money for an IPad would be a...
Want
Since you can't afford a expensive item, you can ask your parents or a friend for some money and promise to pay them back. What would you be doing if you did this?
Overspending
A budgeting method that involves separating different amounts money into categories for different expenses.
Dividing Paycheck
This strategy involves automatically transferring a set amount of money into your savings account on a regular basis.
Automatic transfer
You are always sleepy in school so you drink an iced coffee every day, you go to Dunkin' every day and buy one. The iced coffee is a...
Want
Spending limit/budget