True or false
A budget helps you keep track of money...
True.
A plan for how you will spend your money is called a _______.
Budget
What is income?
Money your receive from work or benefits
Why do people save money?
For future goals or emergencies.
What should you do before making a large purchase?
Think about it / Compare prices / Check your budget
True
Money set aside for the future is called _______.
Savings
What is the definition of budgeting?
A plan for how you will spend and save money.
Name one thing people commonly save money for...
Emergency, vacation, car, housing, electronics, etc.
What can a shopping list help you avoid?
Impulse purchases / Overspending
A want and a need are the same thing...
False
Rent, food, and utilities are examples of _______.
Needs
What is a bank account?
A place to keep your money safely.
What is the first step in making a budget? What is the first step in making a budget?
Knowing how much money you have coming in (income)
Money received from a job is called _______.
Income
What is a bill?
Money you owe for a service or product.
What's an emergency fund?
Money set aside for unexpected expenses.
What is an example of a variable expense?
Gas, electricity, water, transportation, entertainment, etc.
Buying something because it's on sale always saves money...
False
A surprise car repair is an example of an _______ expense.
Unexpected/Emergency
What is a benefit?
Financial or support services such as SSI, SSDI, SNAP, or Medicaid/Medicare.
What is one benefit of having savings?
Less stress, preparedness for emergencies, financial security.
Name two things that should be included in a budget.
Rent, groceries, transportation, phone bill, utilities, savings, etc.