Next Level Budgeting

What is a budget?

• A tool to help manage your income, expenses and saving
• A tool that manages your income

• A tool that manages your expenses

• A piece of papers with numbers

Define the term "fixed expense".

• An expense that changes each (week, month, quarter, etc.)

• An expense that only changes once ever 6 months.

• An expense that stays the same each (week, month, quarter, etc.)

• There is no such thing as a fixed expense.

Give an example of a "fixed expense".

• Groceries

• Rent and a car payment are two examples.

• Gas for your car

• The electric bill

What is a variable expense?

• An expense that remains the same each week, month, etc.

• An expense that changes each week, month, etc.

On a budget, what does the "balance" refer to?

• Income only

• The amount left over after expenses are subtracted from the income.

• Expenses only

Two of the sections in a budget are the income and the ......

• Clothing and car payment

• Insurance

• Expenses

• Entertainment

Three types of savings accounts you should have are short-term, long-term and ......

• Mid-term

• A short-term savings account is not necessary

• Emergency

• A long-term savings account is not necessary

Name a "pro" for using a Cash App.

• Costs $5 for each transaction

• Poor security

• Not accepted everywhere

• Convenience.

What is a "con" for using a cash app.

• Can be used on your cell phone

• Impossible to get money back once it has transferred.

• Accepted by many stores

• Most cash apps sufficient security

What is a need?

• Having a pet

• Having a fancy car

• Something you cannot live without.

• Something you can live without