10.2 Budgeting: Organizing Expenses

What is a want?

• A want is a desire for something that is not necessary for survival.
• A want is a feeling of contentment.
• A want is a synonym for necessity.
• A want is a need for survival.

What is a need?

• Not necessary or important
• A luxury or desire
• Something that is easily obtained
• Essential or required for survival, growth, or well-being.

Organize these options into the right categories

Groups:

(a) Needs

,

(b) Wants

• Pet / Pet Care

• Natural Gas

• Health Insurance

• Children

• Electric

• Transportation

• Housing/Rent

• Savings/ Emergency Fund / Retirement

• Entertainment

• Groceries

• School Events / Prom

• Dining Out

• Gifts

• Subscriptions/ Streaming / Food service

• Internet / Cell Service

• Water/Sewer

• Student Loans

• Credit Card Payment

• Travel

• Clothing

What is a variable expense?

• A variable expense is a fixed cost that never changes.
• A variable expense is a one-time payment.
• A variable expense is a cost that is always the same every month.
• A variable expense is a cost that can change from month to month.

What is a fixed expense?

• A fixed expense is optional
• A fixed expense changes every month
• A fixed expense is a one-time payment
• A fixed expense is a recurring cost that remains constant each month.

Organize these options into the right categories

Groups:

(a) Fixed Expenses

,

(b) Variable Expenses

• Electric

• Streaming Services

• Travel

• Entertainment

• Personal Care

• Housing/Rent

• Transportation

• Student Loans

• Clothing

• Credit Card Payments

• Cable

• Groceries

• Internet Services

• Health Insurance

• Gifts

• Dining out

• Natural Gas

What are the different time periods for budgeting?

• Daily, Monthly, Quarterly, Yearly

• Annual, Bi-annual, Quarterly

• Daily, Weekly, Monthly

• Annually, Monthly, Weekly

Organize these options into the right categories

Groups:

(a) Weekly

,

(b) Monthly

,

(c) Annually

• Emergency Fund

• Groceries

• Gasoline

• Streaming Services

• Natural Gas

• Gifts

• Retirement Savings

• Cell phone Service

• Travel

• Credit Card Payments

• Internet

• Housing/Rent

• Electric

• Health Insurance