Budget
What is a budget?
What is a financial plan that includes costs and expenses and is looked over from time to time.
What are some bills that you will have to pay for when you are independent on your own?
What are utilities, clothes, food, fun, rent, transportation, student loans
What should you be aware of when looking at rental property?
Neighbors, neighborhood, what utilities typically are for that unit, how long is rental contract good for,
How can you prevent/get rid of a fire in your home?
Don't overload circuits, have multiple fire extinguishers, keep baking soda or flour by stove, use extra precaution with candles
List 3-4 ways you can save money in your new home.
Turn down thermostat when you leave, turn off lights after U leave room, replace air filters, keep fridge door closed, conserve water, good seal around windows, doors, replace light bulbs with LED bulbs
Why is it important to have a budget?
What is so you will always have enough money for the things that you need and are important to you.
How often will most of your bills be paid?
Monthly
What are some things you should ck out when looking at rental property?
Water pressure, toilet flushing correctly, unusual smells or leaks, window seals, parking spots, smoke detectors, stove and oven work properly, locks work/thermostat work correctly, etc
What are some safety precautions to keep in mind when you are living independently?
Don't label your keys with name and address, always have your door key ready when walking to place, give extra key to family/reliable neighbor, set a light/radio when away, always pay close attention to what is going on around you.
How can you save money in entertainment?
Eat out a minimal number of times a week/month, watch movies at home instead of going out, find free stuff near you, only have 1 streaming service.
What expenses do you have to budget for that you NEED?
Utilities, water, sewage, trash, insurance, rent, gas
What bills might be due semi-annually?
Insurance bills
What are some basics you will need to live independently in your new home?
Mattress, sheets, blanket, pillow, can opener, utensils, mixing bowls, lamp, skillet, sauce pan, plate/bowl/glasses
What are some good medications to have handy?
Ibuprofin/tylenol, cough syrup, tums, anti-diarrhea med, etc
How can you save money when shopping?
Shop at cheaper stores, don't grocery shop when hungry, have coupons, ck sale ads, have a list, compare prices between stores, buy generic brands, use a rebate app.
What expenses do you budget for that are WANTS?
Entertainment, clothes, etc
Why is it a good idea to pay your bills about a week before they are due?
So it gives extra time if needed to get to where they need to go before you are charged late fee.
What are some basic tools that would be good to have?
Hammer, screwdriver, scissors, pliers, utility knife
What are some handy items to have in first aid kit?
What are important tips to keep in mind about credit cards?
Always pay on time, don't open too many cards, don't open a card if you won't be able to pay for it.
What is the 50-30-20 rule?
50% for essentials
20% for savings
30% for everything else
Is it okay to spend more than you have? Why or why not?
No-because you can get into financial trouble spending money that you need to pay bills.
What information do you need to set up your utilities?
Name, ss number, address of new place, when you want utilities to begin, employment information and bank information
If you had to make a list of things in your wallet, what would you include?
Credit cards, insurance cards, license, money, ATM cards, etc
What are 5 big tips for saving?
Be specific and realistic about how much you want to save, be specific about how you are going to save money, set monthly goals, figure out where you are going to put the money, track your progress.