EPF Unit 1: Budget

What is a budget?

• When you have too much money

• Name for American money

• A plan for spending money

What is an emergency fund?

• Money for emergencies

• Money for movies and takis

• Money for school

What is an expense?

• Things you want, but can't afford

• What you spend your money on

• The name of an assignment in Canvas

What is a fixed expense?

• Same price every month

• Price changes month to month

What is a variable expense?

• Same price every month

• Price changes month to month

Check the reasons to have an emergency fund

• Losing a job

• Going to the movies

• Buying a new car

• Natural disaster

• Injury or sickness

Check the fixed expenses

• Electricity

• Rent

• Phone

• Internet

• Food

Check the variable expenses

• Electricity

• Rent

• Phone

• Internet

• Food

What is a short term budget goal?

• Something you can buy by saving over a small amount of time

• Something you have to save for years to buy

What is a long term budget goal?

• Something you can buy by saving over a small amount of time

• Something you have to save for years to buy