Budgets
What is a budget?
A planned description of how Income and Expenditure will be managed/ plan how to use your money
Should expenses be less than or more than your income?
Less than
What is an expense that does not change from month to month?
Rent/Mortgage/Insurance,/ Medical Aid
Two things that you need when creating a budget?
Income- how much money you getting in
Expense- what you going to spend your money on.
What are three things budgets helps us to do
Save/ Enough for Unforeseen or Occasional Expenses/ Stay out of dept. (Mention Two)
What is money received from working?
Income/basic salary/wage
Is it true or false
Income when you are spending money.
false. (Expense)
Tell us exactly what we spent our money on or how we have used our money
Income and expenditure statement
If i make R 46 700 annually. What is my monthly Income?
R 3 891,6666/ Can also round off.
when you have money left after you have planned your budget/ money left/ more money than savings
Commission/Savings
Give an example of an event that may change your Budget
Unforeseen Expense / Occasional Expense
Deficit
Buying Groceries
Variable Expense
If you have a budget that is not working, what are two things you can do.
Cut out on Entertainment/ spend less on water and electricity/food
John and Sarah's Income
Household Income
Imagine your are working a Part time Job. You are planning your 16th Birthday Party, Your Salary at the end of the month is R2 500. Your Rent per month is R900, Food expense is R250, WiFi Bill of R75, mobile phone of R100 and a loan that you made by your parents of R400, entertainment spent at R200, Transport R550 and other expenses R150. How would you describe your budget after analyzing all your Income & Expenses?
-125 over/Deficit/ spend more money than you have