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 earn extra money?

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Earning extra money means finding ways to make additional income, such as doing chores, tutoring, or taking on a part-time job.

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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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What is income?

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Income is the money you receive, usually from work or investments.

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How can you reduce expenses?

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You can reduce expenses by cutting back on non-essential items, finding cheaper alternatives, or budgeting more effectively.

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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 donate money?

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Donating money means giving a portion of your income to a charity or cause without expecting anything in return.

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What is a financial goal?

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A financial goal is a target you set for how much money you want to save or earn within a certain timeframe.

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What is the purpose of tracking spending?

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Tracking spending helps you understand where your money goes and identify areas where you can save.