Budget

Things you have to have to live

• wants

• needs

In a budget, what takes up the most money, each month

• mortgage or rent payment

• food

Why is it important to have a budget?

• Helps keep track of your spending

• Helps you make money

In your budget your should include a category for other stuff?

• yes

• no

The difference between your income and your total expenses is your?

• savings

• net income

Define a fixed expense?

• it does not change from month to month

• it changes with use

Pick the variable expenses?

• gas,electric,water, food, vacation

• car payment, rent or mortgage payment

Pick the expense that you control?

• variable

• fixed

Wants are defined as?

• items you do without

• items you need to live

These itmes satisify a want or need, but you cannot touch them.

• services

• goods