Mastering Practical Budgeting Techniques

What is the main benefit of budgeting according to the speaker?

• It increases your income.

• It helps you save more money.

• It allows you to spend without guilt.

• It reduces your taxes.

What is a zero-based budget?

• A budget where income minus expenses equals zero.

• A budget with no savings.

• A budget that excludes entertainment expenses.

• A budget that only includes fixed costs.

Why is it important to budget together if you are married?

• To avoid money fights and disagreements.

• To increase your income.

• To reduce your expenses.

• To save more money.

Why should you create a new budget every month?

• To reduce your debt.

• To save more money.

• To avoid overspending.

• Because each month has different expenses.

What are the 'four walls' that should be prioritized in a budget?

• Clothing, education, healthcare, and subscriptions.

• Savings, investments, insurance, and debt.

• Entertainment, dining out, shopping, and travel.

• Food, shelter, utilities, and transportation.

What should you do if you have extra money left over in your budget?

• Donate it all.

• Save it for next month.

• Spend it on entertainment.

• Put it towards your current baby step.

Why is it recommended to use cash for categories you tend to overspend on?

• It helps you stay accountable and within budget.

• It increases your savings.

• It helps you earn more interest.

• It reduces your debt.

What is the purpose of creating a miscellaneous category in your budget?

• To increase your income.

• To handle unexpected expenses.

• To save more money.

• To reduce your debt.

What is the benefit of using online budgeting tools like EveryDollar?

• They make budgeting and tracking expenses easier.

• They increase your income.

• They help you save more money.

• They reduce your expenses.

What should you do if you have an inconsistent income?

• Budget based on your lowest earning month.

• Save more money.

• Spend less on entertainment.

• Increase your income.