Budget Basics
A budget is
What is an estimate of income and expenditure for a set period of time?
- Oxford Dictionary
Food
What is a need?
The definition of saving
What is an economy of or reduction in money, time, or another resource
- Oxford Dictionary
You get $900 a month, and your rent is $600. How much do you have left?
What is $200
One way to track your spending is...
What is a budgeting app, keep a spending journal, and set up subscription alerts?
(allowed to take other responses not listed)
One example of income is?
What is investments.
The action or process of investing money for profit or material result.
- Oxford Dictionary
Streaming Services
What is a want?
It is important to save money
What is helps you build wealth and prepare for unexpected expenses.
if you lose your wallet, the first thing you should do and why?
What is locate your debit or credit cards? if you cant find them, call your bank and freeze them to prevent unauthorized spending.
you should compare prices before buying something.
What is so you can get a less expensive version and save money?
The first step in making a budget
What is identify your income?
You have $50 left, do you spend it on shoes or groceries, and why?
What is Groceries?
Because you need food to get through the week.
One way to spend less money on groceries
What is coupons?
Your phone bill is due, and you cant pay it in full. What do you do?
What is contact your provider and make a payment arrangement?
The benefit of using coupons or discounts.
What is so you can save money?
Name 2 things that happen when your expenses are greater than your income
What is debt and limited savings?
It's important to know the difference between a need and a want
What is the needs that are essential for survival, and wants that are not necessary for survival?
Explain what an emergency fund is and examples of why you would use it?
What is a cash reserve that’s specifically set aside for unplanned expenses or financial emergencies? Car repairs, home repairs, medical bills, or a loss of income.
(will take other answers)
You want to save for a trip that costs $100 in 5 weeks, how much should you save per week?
What is $20.
A good long term financial goal is
what is keeping up with a savings account?
You should review and update your budget
What is once a month?
Name at least 1 of 3 things that could be moved from a need to a want, and why.
What is a phone? They are necessary for communication.
What is transportation? If you get a job and don't have access to public transportation.
What is entertainment? Reading and activities are important, but gaming consoles are not necessary.
The rule of thumb for saving.
Bonus points if you can categorize the percentages.
what is 50/30/20?
50%-needs
30%-wants
20%- savings
you need to cut $50 out of your budget. What are 2 ways to do that?
What is reduce eating out and cooking meals at home, and limit streaming or entertainment services.
(can take other answers)
One free resource in the western community that can help you with money management.
What is admissions and aid?