Budget

Front

What is a budget?

Back

A budget is a plan for managing your money. It compares how much you earn (make) to how much you spend.

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What is the difference between a 'want' and a 'need'?

Back

A 'want' is an expense that can be cut from your budget to save money, while a 'need' is an expense that cannot be cut.

Front

True or False: A budget helps you save money for the things you really want.

Back

True

Front

True or False: A budget is not a helpful tool.

Back

False

Front

What is an example of a 'want'?

Back

An example of a 'want' could be a new video game or a luxury item.

Front

What is an example of a 'need'?

Back

An example of a 'need' could be food, housing, or healthcare.

Front

Why is it important to have a budget?

Back

Having a budget helps you track your income and expenses, ensuring you can save for future goals and avoid overspending.

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What does it mean to 'cut expenses'?

Back

To 'cut expenses' means to reduce or eliminate certain costs in your budget to save money.

Front

What is the purpose of savings in a budget?

Back

Savings are funds set aside for future use, emergencies, or specific goals, helping to provide financial security.

Front

What is the relationship between income and expenses in a budget?

Back

A budget compares your income (how much you earn) to your expenses (how much you spend) to ensure you live within your means.