U2L3 Budgeting

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What is a budget?

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A plan you write down to decide how you will spend your money each month.

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A budget shows you...

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how much money you make and how much money you spend.

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What is a salary?

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A fixed amount of money paid to a worker, usually measured on a monthly or yearly basis.

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How do you determine your monthly salary from your yearly salary?

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You need to divide your yearly salary by how many months there are in a year.

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What are utilities?

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Basic services your home, apartment, or business needs to keep it comfortable and functioning properly.

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What is a loan?

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A loan involves borrowing a part of the total from a lender, & making regular (often monthly) payments until the loan is entirely repaid.

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What does it mean to "go over budget"?

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It means you spent more money than what you made.

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What are some consequences of "going over budget"?

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Having to borrow money, debt, lower credit score, foreclosure, and getting your utilities shut off.

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What is a "down payment"?

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It is a percentage of the purchase price that you pay out of pocket.

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An accurate monthly budget can help you...

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reach your financial goals!