How to budget your money

The first thing to consider in a budget is your "Income"

Income is:

• Money you spend

• Money that you receive (paycheck, benefits, allowance)

• Expensive items you want to buy

• Taxes

Things that you SPEND money on are called

• Income

• Taxes

• Expenses

• Outcome

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

"Fixed" expenses are expenses that

• Do not change

• Change every month

"Flexible" Expenses

• Change from month to month

• Stay exactly the same

With an "Income" your paycheck is usually not the exact amount that you earned. This is because most people have to pay ______

• For food

• Taxes

• For clothes

• For expensive items

What is a "Savings Account" from a bank?

• Money you put in the bank to spend

• Money you put in the bank to save and grow

What is a "Checking Account"?

• Money you put into the bank in order to keep safe and to spend

• Money you expect to grow

An example of a "Need" when budgeting would be

• Gold Watch

• Video Game

• Rent/House

• Fast Food

An example of a "want" is?

• Rent

• Utilities

• Loan payment

• Video Games

An example of "Transportation" cost would be

• Gasoline

• Bus fare

• Cost of an Uber/Taxi cab

• All of the above