Intro to Budgeting

What is the first step in budgeting?

• Record what you spend
• Estimate your income
• Set financial goals
• Review and evaluate monthly

All of the following are examples of supplemental income, except

• Child support
• Disability
• 
  Workman's comp
• Your regular paycheck

Income earned as salary or wages before taxes and other deductions

• Gross income
• Net income

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Which of the following is NOT a need?

• Food
• Clothes
• Netflix
• Shelther

Tags

CCSS.L.1.5A

CCSS.L.1.5B

CCSS.L.K.5A

A budget only works if.....

• You are willing to follow it
• if someone else creates it
• your parents give you money 

The rule "pay yourself first" means to 

• Save and invest first 
• Have fun before you pay the bills 
• Only cash your checks

Money set aside for an unplanned costly event

• Income
• Budget
• Discretionary Income
• Emergency Funds

Budgets should contain goals:

• True
• False 

What does it mean to "live within your means"?

• use credit excessively
• spend what you make (or less)
• repay college loan debts before other debt
• spend more $ than you make

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

What is something financially wise consumers do?

• postpone major purchases until money can be saved for it
• spend now, figure out how to pay for it later
• worry about emergencies when they happen
• set only short term financial goals