Personal Finance and Education

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What is a budget?

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A detailed plan for income and expenses over a certain period.

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Why is budgeting important?

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To help you control your spending and save money.

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What is the first step in creating a budget?

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Setting financial goals.

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What does the term 'fixed expenses' refer to?

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Regular expenses that do not change from month to month.

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How can tracking your expenses help with budgeting?

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It provides a clear picture of where your money is going.

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What is a 'savings goal'?

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The amount of money you plan to save over a specific period.

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What should you do if your expenses exceed your income?

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Look for ways to reduce expenses or increase income.

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What is an 'emergency fund' in budgeting?

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Money set aside for unexpected expenses.

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How often should you review and adjust your budget?

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Regularly, to reflect changes in income or expenses.

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What is a good practice for effective budgeting? A) Spending without tracking. B) Using all your income for leisure activities. C) Keeping your financial goals realistic and achievable. D) Borrowing money frequently to meet your expenses.

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Keeping your financial goals realistic and achievable.