Budgeting

Budgeting

Multiple Choice

What can a spending plan NOT help you do?

• put aside money for goals

• prepare for regular expenses

• control how you spend money

• plan every aspect of your future

Multiple Choice

Spending plans will..

• change at times

• never change

• should always be the same

Multiple Choice

which of the following would not be a source of income?

• Car Insurance

• Job

• Allowance

• Investments

Open Ended

What is an example of a periodic expense you have?

What is a fixed expense you have?

What is a flexible expense you have?

Step Four: Compare Income and Expenses ​

​

​Income > Expenses

Extra money to redirect towards your goal

​

​Expenses > Income

​Adjustments needed

​

​Income = Expenses

​Break even - no margin for error

​Step Five: Draft Your Plan

​

​Use current income and expense to forecast a budget

​

​

​Adjust as necessary

​Step Six: Use, Review and Adjust

​

​Use the plan

​

​Periodically review to check progress

​

​Make adjustments as necessary to redirect your plan to your savings goals