Make & Balance Budgets

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What is a budget?

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A budget is a plan that outlines how much money you expect to earn and how much you plan to spend over a certain period.

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Why is it important to balance a budget?

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Balancing a budget is important to ensure that you do not spend more money than you earn, which helps avoid debt.

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What does it mean to 'spend less' in a budget?

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Spending less means reducing the amount of money allocated for certain expenses to save money or balance the budget.

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What is income in the context of a budget?

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Income is the money you earn, which can come from jobs, allowances, or other sources.

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What is an expense?

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An expense is any money that you spend on goods or services.

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How can you determine how much money you can spend on a new item?

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To determine how much you can spend, subtract your total expenses from your total income.

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What is a financial record?

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A financial record is a detailed account of all income and expenses over a specific period.

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What does it mean to earn money?

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Earning money means receiving payment for work done or services provided.

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What is a tutoring income?

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Tutoring income is money earned by teaching or helping others understand a subject.

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How can you adjust your budget if you overspend?

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You can adjust your budget by cutting back on other expenses or finding ways to increase your income.