Budgeting

The first expense line in your budget is to:

• Pay yourself first

• Write down your income

• Write down your fixed expenses

• Write down your variable expenses

Income before taxes/deductions.

• gross income

• net income

• salary

• net income

A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing

• Need 
• Want

A ______ is something that is desired e.g. computer, holiday, car, cell phone

• Need 
• Want

Rent is a:

• Fixed expense
• Discretionary Expense
• Variable expense
• Intermittent expense

Groceries are a:

• Fixed expense
• Variable expense
• Intermittent expense
• Discretionary expense

Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a...

• Fixed Expense
• Variable Expense
• Discretionary Expense
• Income

If an expense can be removed from your budget to save money, it is considered a ______.

• Income

• Want

• Need

• Savings

Homeowner's Insurance is considered a:

• Fixed Expense

• Variable Expense

Budgets are designed to...

• manage your credit cards

• plans your vacations

• outline your spending and saving