How to Budget
What is a budget?
What is a record of income and expenditures
What is a plan for managing money
What is a tool to track saving and spending
You need to differentiate between these when you are budgeting.
What is wants vs needs.
You budget because?
What is to avoid overspending.
What is knowing where your money is going.
When budgeting, you should focus on this first.
What is focus on needs.
What is the 50/30/20 rule
50 goes to needs
30 goes to wants
20 goes to savings
What are the 2 key things you need to create a budget?
What is income and expenses.
Name 1 reason why you should create a budget.
1.Stops overspending 2.Helps reach your goals
3.Makes it easier to save 4.Puts you in control
5.allows you to be flexible with your spending
You need to budget because you want to have enough money for this.
What is to meet your needs and wants.
What two categories can be used in making a budget?
What is ..........................
What is the difference between essentials and security categories
essentials are expenses you need to pay for
security is money saved in case of emergencies
When you choose something to save for this is called?
What is a goal.
When creating a budget you need to be ____ when setting a goal.
What is being realistic.
Savings set aside for unexpected expenses.
What is emergency (rainy day) funds.
You need to set these when budgeting for a long time.
What is long-term goals.
Name 2 types of insurance you need.
Health, Renters/Home, Dental, Eye, car, life, etc.
Credit is money you borrow and have to pay back where as debit money comes directly out of your account
Successful budgeting requires
What is consistently budgeting
What is reviewing budget frequently
What is making budget a habit
Budgeting gives you________over your money.
What is control over your money.
The income MUST be equal to or greater than.
What is Expenses.
What is strengths?
What is interests?
What is abilities?
What is values?