Budgeting

The first step to make a budget is to ______.

• set a savings goal.

• keep a record of your expenses.

• identify the wants within your expenses.

• stick to your budget.

Yo should spend 30% of your income on ​ (a)  

• wants and unnecessary expenses.
• needs and necessary expenses.
• savings.
• toys.

You should save at least ​ (a)  

• 20% of your income.
• 100% of your income.
• 50% of your income.
• 70% of your income.
• none of your income.

You should spend 50% of your income on _____.

• savings.

• entertainment.

• wants and unnecessary expenses.

• needs and necessary expenses.

Groceries, housing and transportation are al ​ (a)  

• needs.
• dreams.
• desires.
• wants.

Once you have a budget and you follow it, keep track of your expenses again to ​ (a)  

• know if you have been following your budget or not
• know in which category you can spend more
• know how much money you will save
• make a new budget from scratch

Once you have your budget, _____.

• you can't make changes to it.

• you can make changes to it.

• you shouldn't follow it.

• you should only change the percentage you save.

You should stick to your budget ​ (a)  

• as much as you can.
• every now and then.
• sometimes.
• never.

Some questions you should ask before buying something are: ​ (a)  

• Do I need it? Will it last? Can I afford it?
• Will it match my clothes? Is it my style?
• Can I find a cheaper one?
• Is it better than the other I wanted?

Having a budget is:

• beneficial for your personal finances.

• something you don't have to do.

• something only adults need.

• hurtful for your personal finances.