5/6/24 - Budgeting and Finances

How's your day going?

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Want or Need?

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Want or Need?

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Which of the following is generally the most expensive category in a person’s budget?

• Healthcare

• Clothing

• Transportation

• Housing

^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

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

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.

Anything that is purchased with the hope that it will generate income or be more valuable at a future date.

• investment

• loan

• income

• expense

Money borrowed from a bank.

• dept

• loan

• budget

• expense