Shroutrageous Budgeting

What is NOT a benefit of tracking your income and expenses?

• 1. You can make sure you’re saving regularly.

• 1. You can make sure you’re avoiding impulse purchases.

• 1. You can make sure you’re spending within your income.

• You earn interest when you start to make a budget.

TRUE OR FALSE: When you make your budget, you should plan your expenses with your actual income in mind.

• True

• False

A budget is:

• 1. A record of how much you’re spending on different things

• 1. A plan for how much you want to spend on different things

• 1. Writing down how much income you make exactly each month

• All of these answers

Which of the following should Sally consider when planning her monthly personal budget?

• How many pencils she will trade with another student.

• How many beads she will buy at the craft store.

• How many books she will read at the public library.

• How much tv she will watch this week

Match definition to correct term:

Money earned

• income

• opportunity cost

• risk

• personal finance

• budget

Which of the following is a fixed expense?

• Monthly rent payment

• Buying clothes

• Dining out

• Grocery shopping

TRUE OR FALSE: Saving a portion of your income is an essential part of personal finance management.

• True

• False

What is one primary purpose of creating a budget?

• To track your spending habits

• To ensure you spend more than you earn

• To increase your debt

• To avoid paying taxes

When we budget or buy things what do we need to know?

• How much you will get paid next week.

• How much money you have

• Weekend plans

What is an emergency fund?

• A way to buy impulse purchases that come up

• Money for healthcare specifically

• Money set aside for unplanned expenses

• Money you save for college