Budgeting Basics — Managing Money Wisely

What is a budget?

• A way to spend money quickly

• A plan for how to spend and save money

• A savings account

• A Bill

What is an example of a “need”?

• Video games

• Designer shoes

• Groceries

• Concert tickets

If you earn $400 and spend $350, how much do you have left?

• $50

• $100

• $0

• $350

Why is it important to save money?

• So you can spend more

• To buy junk food

• To be prepared for emergencies or future needs

• To lose it

Which of these is an “expense”?

• A raise

• A paycheck

• A phone bill

• A gift card

What does “income” mean?

• Money you owe

• Money you spend

• Money you earn

• Money in the bank

Which one is a good budgeting habit?

• Guessing your expenses

• Spending without a plan

• Writing down your income and expenses

• Spending everything each month

If you have more expenses than income, what happens?

• You save more

• You make a profit

• You go into debt

• You get free money

What should you do first when making a budget?

• Spend all your money

• List your wants

• Count your income

• Go shopping

A budget helps you:

• Waste time

• Spend randomly

• Stay organized with your money

• Buy everything you want