Budgeting

Which of the following is a benefit of using a budget?

• All answers are correct

• Helps to keep track of the money you receive

• Helps to prioritize your spending

• Helps reach short-and long-term financial goals

Why is using a budget beneficial?

• Helps to keep rack of the money you receive

• Helps to prioritize your spending

• Helps reach short-and long term goals

• All answers are correct

Where should you look to find your current expenses when building your budget?

• Bank and credit statements

• ask your parents

• your wallet

• your bank representative

Bank statements, credit statement, and records of cash expenses help you to estimate your__________.

• expenses

• credit score

• emergency fund needs

• available investments

The envelope method, notebook and pencil, and online software are all methods of ______.

• estimating your unexpected expenses

• tracking your spending

• understanding your current expenses

• planning for your future

Which of the following expenses would be a good reason to spend money from an emergency fund?

• Upgrade your phone to the latest model.

• Buy new track shoes because they're in style.

• Repair your laptop that you use for homework.

• Purchase concert tickets to see your favorite artist.

In your budgeting process, when should you look at recurring expenses?

• After considering entertainment expenses

• Before looking at your needs

• After your wants but before you needs

• Before reviewing your wants

Charitable donations, entertainment expenses, and financial goals are all examples of.....

• things to consider when creating a budget

• activities that contribute to overspending

• things that are considered needs.

• activities that are necessary for a healthy lifestyle

This helps you prepare for unexpected expenses.

• Credit Cards

• Emergency fund

• Checking Account

• None of the answers are correct

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Savings