Budget

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change from month to month, such as a cell phone bill or rent.

Front

What is a variable expense?

Back

A variable expense is a cost that can fluctuate based on usage or consumption, such as groceries or gas.

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What does 'pay yourself first' mean?

Back

It means to allocate a portion of your income to savings before spending on other expenses.

Tags

CCSS.RI.11-12.5

CCSS.RI.11-12.3

CCSS.RI.9-10.5

CCSS.RI.9-10.3

CCSS.RI.8.3

Front

What is the first step in creating a budget?

Back

The first step is to know your income.

Front

What are financial goals?

Back

Financial goals are specific objectives that individuals set to achieve financial stability or growth.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses remain constant each month, while variable expenses can change based on consumption.

Front

Why is it important to review your budget periodically?

Back

Reviewing your budget helps you track your spending, adjust for changes in income or expenses, and stay on target with your financial goals.

Front

What is discretionary spending?

Back

Discretionary spending refers to non-essential expenses, such as entertainment or dining out.

Front

What is the purpose of a budget?

Back

A budget helps individuals plan their finances, control spending, and save for future goals.

Front

How can setting financial goals impact budgeting?

Back

Setting financial goals provides direction and motivation for budgeting, helping individuals prioritize their spending.