Do I have enough money? (1)

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What is the concept of budgeting?

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Budgeting is the process of creating a plan to spend your money, ensuring that you have enough to cover your expenses and save for future needs.

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What does it mean to have enough money for a purchase?

Back

Having enough money for a purchase means that the amount of money you have is equal to or greater than the cost of the item you want to buy.

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If an item costs $5 and you have $10, do you have enough money?

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Yes, you have enough money because $10 is greater than $5.

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What is a financial decision?

Back

A financial decision is a choice made regarding the allocation of money, such as whether to buy an item or save for future expenses.

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What is the importance of knowing the cost of items?

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Knowing the cost of items helps you make informed decisions about your purchases and manage your budget effectively.

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What does it mean to overspend?

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Overspending occurs when you spend more money than you have available, which can lead to financial difficulties.

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How can you determine if you can afford an item?

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To determine if you can afford an item, compare the item's cost to the amount of money you have available.

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What is the role of savings in financial planning?

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Savings provide a financial cushion for unexpected expenses and help you achieve long-term financial goals.

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What is a financial goal?

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A financial goal is a specific objective related to money, such as saving for a car or paying off debt.

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What does it mean to prioritize expenses?

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Prioritizing expenses means deciding which costs are most important and should be paid first, based on your financial situation.