Saving Budgeting and Spending

What is a budget?

• a list of what to buy at a store

• a list of things you shouldn't do

• a plan for managing your money. It compares how much you earn (make) to how much you spend

A budget should include -

• . donating all income.

• purchasing wants first.

• spending and saving money

• putting all money into savings

How does Mrs. Davis spend most of her money?

• clothing

• charity

• savings

• food

How much money will Mrs. David have saved after three months?

• $100

• $90

• $30

• $220

A spending plan for managing money during a given period of time.

• budget

• allowance

• investing

• charitable giving

Changes can be made in my written spending plan;

• once in a week

• once in a month

• once in 6 months

• as my needs change

Why do people create a budget?

• To spend as much money as possible.

• To plan their spending and saving.

• To avoid paying taxes

What is the primary purpose of a budget in personal finance?

• To track daily activities

• To plan for future financial goals

• To record past expenses

• To calculate taxes

Which of the following is a key component of a budget?

• Income and expenses

• Only expenses

• Only income

• None of the above

What is an example of a fixed expense in a budget?

• Groceries

• Rent

• Entertainment

• Clothing