Budgeting

^Wants

• Necessary items for life that are paid monthly/yearly such as food, housing, transportation, utilities, insurances

• Expenses that equal all the fixed and variable expenses added together

• Things or tems that a person would like to own or purchase that is not necessary for life; Ex. entertainment, video games, etc.

• Income from all possible sources

Tags

CCSS.6.EE.B.8

Budget

• Anything that you might incur an expense for

• Is a spending plan for managing your money that includes income and expenses

• All expenses deducted from income before net pay can result.

• Income after all deductions have been paid.

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

Tags

CCSS.8.F.B.4

CCSS.HSF.IF.B.6

Needs

• Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

• Things you would like to have but are not necessary for life.

• Income from all sources that are spent for necessary items

• Anything that you might incur an expense for.

Tags

CCSS.3.OA.D.9

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

• Income

• Want

• Need

• Savings

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Preparing a budget includes

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

Medical care is an example of a ______

• Need 
• Want

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

A vacation is an example of a _________

• need
• want

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

According to the 50/30/20 rule, 50% of your net income should be budgeted for needs, 30% should be budgeted for wants and 20% should be budgeted for savings. If your net income is $5400, then how much should you budget for needs?

• $2700

• $1080

• $2000

• $1620

Tags

CCSS.6.RP.A.3C