Budgeting

What is a budget?

• The way to make money

• An action plan to help you manage your income and expense

• A desire to make a million dollars

• How to spend a million dollars quickly

The first most important thing in a budget is?

• Giving

• Insurance

• Money for your vacation

• Money for the new dress for the party this week

Which step to making a budget is not applicable?

• List your monthly income

• Subtract your expenses from your income

• Write all you want for the month

• Track all your transactions

What is the best way to make a budget?

• Tell a friend

• Memorise what is important

• Use a voicenote

• Account for all monies your spend and earn

Which is the most correct statement?

• Don't put aside money for debt payment

• Don't be afraid to trim the budget

• Budget when you feel like it

• Use the credit cards to it's maximum

What is considered a want?

• Car insurance

• Electricity

• Medical care

• A trip to the Bahamas

Which is a fixed payment item?

• petrol

• food

• mortgage

• subscription

Which statement doesn't fit?

• Be hard on yourself if you mess up

• Save some money no matter how small it is

• create a miscellaneous account

• set some goals

Which of the following is an example of a need?

• cash in on every sale, so you can save in the long run

• replace items that no longer works

• I have to match up with my neighbours

• shopping helps me to de-stress

Sandra wants to decrease the amount of money she spends on transportation, which of the following would help?

• take her friends to everywhjere they go

• don't buy gas for her car

• drive her car everyday even if she goes to the nearby grocery store

• carpool with her co-workers in her community