Budgeting Concepts

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What is a budget?

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A financial plan that outlines income and expenses over a specific period, helping allocate resources effectively.

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Determine your after-tax income

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Calculate the total income received after taxes and deductions, known as net income or take-home pay.

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Track and adjust your spending

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Monitor expenses regularly to ensure adherence to your budget and adjust allocations as necessary.

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Subscription services

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Examples include streaming platforms.

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Budgeting tips

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Utilize tools and templates to streamline budgeting processes.

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Variable expenses can include unexpected costs like medical bills.

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Planning for these can prevent financial strain.

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Visual representation of income allocation: 50% needs, 30% wants, 20% savings.

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Visual representation of income allocation: 50% needs, 30% wants, 20% savings.

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Benefits of Adopting a Budgeting Strategy

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Adopting a budgeting strategy helps develop smart money habits, stay organized, and work towards a secure financial future.

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Why Budgeting Matters: Develops Good Money Habits

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Budgeting prepares you for financial independence by developing good money habits.

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50/30/20 Rule in Budgeting

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The 50/30/20 rule is a flexible budgeting method that allocates income to needs, wants, and savings.