Creating a Personal Budget

Front

What does the 50-30-20 spending plan help with?

Back

Setting up a monthly budget.

Front

What does an annual budget help ensure?

Back

Having more money than expenses.

Front

Why is tracking your expenses important in budgeting?

Back

To keep up with your budget.

Front

What can be done to increase savings in a budget?

Back

Cutting back on expenses or increasing income.

Front

What can Jessica do with the money left over at the end of the year?

Back

Save it for emergencies, dedicate it to her long-term goal, or apply it to her short-term goal.

Tags

CCSS.RI.1.4

CCSS.RI.2.1

CCSS.RI.3.1

CCSS.RL.2.1

CCSS.RL.3.1

Front

What is a personal budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What are fixed expenses?

Back

Regular, unchanging costs such as rent or mortgage payments.

Front

What are variable expenses?

Back

Costs that can fluctuate, such as groceries or entertainment.

Front

What is the purpose of setting financial goals?

Back

To provide direction and motivation for saving and spending.

Front

How can one categorize expenses in a budget?

Back

By dividing them into needs, wants, and savings.