How to Budget
Name one way to start to keep track of your money.
Record your spending, Write down what you are spending your money on
Because they can be easy to forget about, you need to keep these organized when budgeting.
Bills. (Make a list to keep track of your required expenses- rent, food. These are your needs)
You need to budget to stay out of this.
Debt.
Budgeting gives you________of your spending habits.
An understanding of your spending habits.
When budgeting, you should focus on this first.
NEEDS- what you need in order to live.
What are two things you can do with money?
Spend it and Save it!
When making purchases and budgeting, you need to decide if the item is a _______ or a _______.
When making purchases and budgeting, you need to decide if the item is a WANT or a NEED.
You need to budget because you want to have enough money for this.
What is living expenses!!! (Be able to live as comfortably as possible- be able to afford heat, water, electricity)
A benefit of budgeting is so you can always have money for_______.
What is emergencies, fun, or other unexpected expenses.
50% NEEDS, 30% WANTS, AND 20% SAVINGS
"Sometimes what you want is ________"
What is "Sometimes what you want is not what you need."
It's a good idea to budget extra each week or month for....
Your WANTS- the money you put towards your entertainment and recreation.
When creating a budget you need to be ____ when setting a goal.
Yo need to be realistic.
(Realistic: Be practical, set budgeting goals that are achievable)
People save money because sometimes they need money quickly for...
Emergencies (car breaks down, hot water tank breaks, etc.)
Budgeting helps you plan for...
What is ANYTHING!!!!!! (Life, fun, recreation, future purchases)
You need to set these when budgeting for a long time.
What is money goals.
You need to make sure that you do this weekly or monthly.
Compare your budget to your actual spending.
Look at your budget and make sure you are not overspending.
Find ways to cut back on spending
What should you do regularly when budgeting?
Review, revisit, and recalculate your budget as needed as factors in your life change. For example, if you start making more money at work you will want to increase how much money you are saving.
Why should you start saving your money?
Become independent in handling your money.
Budgeting can help you stay focused on this.
Your goals.
You should budget this far into the future at a time.
What is at least the month. (But budget as far ahead as you are able to! We will be in different situations throughout our lives)
How much of your income or paycheck should you put aside for savings?
20%
75% of Americans can't afford an emergency of how much?
What is $400.
Budgeting can help you stay focused when you are...
What is spending recklessly. (Retail therapy, excessive vacationing, etc)
Rather than making small purchases for dopamine / satisfaction, save the money for this.
Avoid Impulse Buying and save for Bigger purchases that will reward you more or help you toward your goals. (A vacation, new technology, house, new furniture, a preferred recreational experience)