Budgeting Basics

A budget is helpful to keep track of what you earn and _________

• bring to the table

• get with extra money

• spend

If you are trying to save money what should you do________(the best option)

• cook dinner during the week

• go out for dinner

• go out for dinner and cook

Why is it important to track your spending?

• it's a good decision

• you can spend more money

• You know how much money you are spending and saving

In you budget, what is MORE important ?

• wants

• needs

Why is it important to save money?

• to have money in the bank

• so you can meet your goals

• to show others how to save

The first step in creating a budget is _________.

• Know your expenses

• Know your income

• Write down your bills

Fixed or variable expense: Rent?

• Variable

• Fixed

Which one is a varied expense ?

• paying your car payment

• getting ice cream

Which one is a fixed expense ?

• shopping for clothes

• buying groceries

• paying rent

"Pay yourself first" means to assign a portion of your income for your personal savings

• True

• False