Budgeting

A personal budget is

• a financial plan that allocates future income toward expenses, savings, and debt repayment.

• something you only do if you want to save money

• something only people with low incomes use

• used to look at what you spent at the end of the month

Effective money management starts with a goal and a step-by-step plan for saving and spending

• False

• True

Financial goals don't always have a timeframe

• True

• False

It doesn't matter where your money goes as long as you have enough money to pay your bills every month

• False

• True

Keeping track of your spending is the 3rd step to creating a budget

• False

• True

Fixed expenses change month to month

• True

• False

Saving for retirement is only important for people over 25 years old

• True

• False

A plan for spending a saving

• is important

• is only important if you are having difficulty paying your bills

• is called a budget

• only for people with families