Budgeting Basics and S.M.A.R.T. Goals

What is the main purpose of a budget?

• To buy all the comic books you want.

• To keep track of how much money you spend on toys.

• To make a plan for how you will save and spend your money.

• To make sure you always have money to lend to friends.

When setting a S.M.A.R.T. budget, what does the 'S' stand for?

• Simple

• Smart

• Specific

• Saving

Barry wants to save RM 75.00 for a new skateboard. He gets RM 15.00 allowance each week. If he saves RM 10.00 each week, how many weeks will it take him to save enough money to buy the skateboard?

• 5 weeks

• 7 weeks

• 7.5 weeks

• 8 weeks

What does it mean for a budget goal to be 'Attainable'?

• The goal is very difficult to achieve.

• You have enough money and time to reach your goal.

• You can buy anything you want, no matter the cost.

• The goal is only for grown-ups.

Which of these is a benefit of creating a budget?

• It helps you spend all your money quickly.

• It makes sure you never have to save.

• It helps you control your money and avoid overspending.

• It allows you to buy expensive things without planning.