2.1
a written plan for giving, saving, and spending
What is the defintion of budget?
Money received for work, as a gift, or through investments
What is the defintion for Income?
A record that summarizes all of the income and outgo (Spending) over a certain time period
What is a cash-flow Statement?
It's a income that comes in at different amounts or different times, or both
what is a Irregular
When you get married, budgeting takes on a whole new kind of intensity. Both spouses have equal say in the budget, after all. So, you both need to work on it together in a Budget Committee Meeting.
How do you Budget when you're Married?
When you create your budget at the beginning of the month, you’ll know exactly what you can afford. You’ll tell your money where to go—whether it’s to pay for gas, trips to the coffee shop, or your cell phone bill—because you’re in control. That’s the whole purpose of a budget! You don’t have to worry if you can pay your bill at the restaurant with your friends or if you’ll be able to make your car insurance payment. Your budget already knows! You just need to stick to it.
How does budgeting provide Freedom?
Fixed Expanse, Variable Expense, Intermittent Expense, and Discretionary Expense
What are the four types of expenses?
When you spend money, just record how much you spent and subtract it from the budget category
How do you track your expenses?
Earnings based on a percentage of the scales made
What is the definition for Commission?
1. Keep It real
2. Think Weekly
3. Check your social calendar
4. Learn to say No (Or not now)
5. Find a Budget Buddy
How do you stick to Budget?
So your in control of your money, and you don't have to wonder where it all went
What is the purpose of a budget?
When you approach your money in a spirit of generosity, your more grateful and content of what you have. Contentment naturally leads you to serve and help others
What is the importance of Giving?
It is for when you've put the amount of cash you've budgeted for each category in its own envelope labeled with the category's name
What is a Envelope System?
Budgeting when you have an irregular income starts with your expenses
If you set aside a specific day and time to work on your budget, you are more likely to do it
What is making time to budget?
Your biggest wealth-building tool is your income—and the best way to make the most of your income is to create and stick to a monthly budget. That’s why our first money principle is to always have a budget. It’s the key to making all your financial goals a reality—like saving, paying off debt (if you have it) and, one day, building wealth for retirement.
What is winning with Money?
What is the definition of Gross-Income?
You can record every transaction and categorize your spending using a chosen method such as a budgeting app, a spreadsheet, or a notebook
How do you track your expense over time?
Emergency fund
Prom
Birthdays
New phone
Your first car
Spring break trip
What is your Budgeting goals?
For savers and spenders alike, getting the habit of budgeting down early in life will help you find—and keep—peace of mind. And once you’ve gotten the hang of creating a new budget each month, you’ll be surprised how natural it becomes to make a plan and live according to it.
How do you Budget for a lifetime?
A monthly budget helps achieve money goals by giving you control over your finances, allowing you to track spending to identify waste, and prioritizing your money for savings and debt repayment.
How does having a monthly budget help you achieve your money goals?
First- Save a $500 emergency fund
Second- Get out and Stay out of debt
Third- Pay cash for your car
Fourth- Pay cash for college
Fifth- Build Wealth and Give
What are the five foundations?
You'll have to cut back on how much you planned for one category to balance out what you have overspent in another
What happens if you go over your budget?
Creating a budget is vital with low or irregular income to gain control over your finances, ensure you can cover essentials like housing and food, and reduce stress by preventing unexpected shortfalls.
Why is it important to create a budget even if you don’t get a lot of money or if you have an irregular income?
It’s probably no surprise that your money personality—a spender or a saver—can affect your attitude toward budgeting. Savers usually really like the idea of budgeting. They love having a defined plan for their money so they can save, save, save!
How can personality affect your budget?