What Do You Know: Budgeting

Front

Creating a budget can make you feel powerful! Why?

Back

A budget puts you in control of your spending and saving, so you make good decisions and feel more confident.

Front

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT: Cell phone plan, Rent, Clothing, Renters insurance

Back

Clothing

Front

The two main portions of a budget are...

Back

the money coming in (income) and the money you're spending (expenses)

Front

Why is it important to be able to decide if an item is a NEED or a WANT?

Back

When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

Front

In which situation could unlimited data be a NEED for Ethan?
Options: He loves watching movies, and he's already paid for all the streaming services, so now he needs the data, Unlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video games, He has so many social media accounts, and he needs to be able to check them throughout the day, even while in school, He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online

Back

He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online

Front

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

Back

Will something bad happen if I don't have this item?

Front

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

Back

$80

Front

Brandon receives his paycheck, and it says his gross pay is $250 and his net pay is $200. How much money did he have in deductions this pay period?

Back

$250 - $200 = $50

Front

Why should you use your NET pay when creating a budget?

Back

Your net pay is a more accurate picture of how much money you have available to spend or save.

Front

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

Back

50% needs, 30% wants, 20% savings