budgeting

Select 2 things that can be considered a Flexible Expense.

• Rent

• Car Payment

• Food

• Entertainment

How can consolidating your student loans help your budget? (hint: choose 2 correct answers)

• You'll pay more in interest over time

• You can manage your money more easily since you're making just one payment

• Your monthly payment may decrease

• Your interest rate is guaranteed to decrease

I received my paycheck from my employer. My paycheck is an example of a what:

• Withdrawal

• Deposit

• Loan

Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills.

• Variable Expenses
• Fixed Expenses

Why is budgeting important?

• It's good to live pay check to paycheck
• You should always live at your parents house
• You might get into a house or other large expense  you can’t afford
• Always spend more than you can afford

Total monthly income

• Income from only one source

• Total income of your parents and siblings added to your income.

• Income from all possible sources.

• A spending plan of expenses

It's common to have all of the following expenses BEFORE signing a lease EXCEPT...

• Renter's Insurance

• Application fee

• Application deposit

• Apartment hunting expenses

In budgeting which number should always be the largest?

• Gross Income

• Net Income

• Taxes

• Disposable Income

Preparing a budget includes

• Income, Expenses, Saving
• Only listing your expenses
• Only listing your debts
• Only listing your income

Fixed expenses

• Is a spending plan for managing your money

• Income from all possible sources

• Expenses that equal all the fixed & variable expenses.

• Expenses that remain the ssame month after month EX: mortgages, rent, car payments insurances