Budgeting

What is a Budget

• The amount of money you can spend

• A plan that helps you manage your income and expenses

• A method that adults use to earn money

• A place where you store your money

Answer explanation

A budget is like a guide or a plan people use to keep up with the money they make and what they spend. It does not focus only on savings, but savings are included in a budget.

Match the following

• Money that is set aside for later use

• Budget

• A plan for tracking a person's income and expenses.

• Income

• Items that use up one's income

• Savings

• The money a person gets from a job or for performing a service

• Expenses

Select this person's total income

What is this person's most expensive fixed expense?

Where does this person get the most income from?

What is the best way to make a budget

• Repeat it over in you head

• Memorize a random on from one line

• Write one out using your income and expenses

• Buy one online from a friend

Answer explanation

-Repeating it in your head will not give you a visual on how you are tracking your money

-None of the other options make sense since you are not using your own income and expenses.