Budgeting 101

What is the first step in budgeting?

• Record what you spend
• Estimate your income
• Set financial goals
• Review and evaluate monthly

Your emergency savings fund should have how many months worth of income?

• 1-2 months
• 10 months
• It doesn't matter
• 3-6 months

All of the following are examples of supplemental income, except

• Child support
• Disability
• 
  Workman's comp
• Your regular paycheck

Which of the following is NOT a need?

• Food
• Clothes
• Netflix
• Shelther

Income earned as salary or wages before taxes and other deductions

• Gross income
• Net income

The best way to eliminate expenses is to...

• Go to jail 
• get a cellmate
• get a roommate
• stop eating 

A budget only works if.....

• You are willing to follow it
• if someone else creates it
• your parents give you money 

The rule "pay yourself first" means to 

• Save and invest first 
• Have fun before you pay the bills 
• Only cash your checks

Budgets should contain goals:

• True
• False 

Money set aside for an unplanned costly event

• Income
• Budget
• Discretionary Income
• Emergency Funds