Budgeting

Why should you have a budget?

• Help you save money

• Allow you to have control of where you want your money to go

• Reach financial stability and achieve your goals

When creating a budget, what area can you easily reduce to save money?

• Fixed expenses

• Discretionary spending

• Retirement savings

• All of these answers

What is one way to sabotage your budgeting goals?

• Spend less on clothing

• Work more hours at your current job or take on a side hustle

• Keep using your credit card without paying off the balance

• Cancel a subscription service

How can you stay on track with your budget?

• Keep track of all your receipts

• Let your impulse buying habits affect your spending

• Use a spreadsheet, ledger or an app

• Let your bank statements/emails pile up without opening them

How often should you review your budget goals?

• every quarter

• every year

• every month

• whenever the mood hits you

A budget will stop you from spending too much money.

• True

• False

Is pizza a need or a want?

• Need

• Want

• It depends

Which of the following is true about net income?

• Net income is the total amount earned before any deductions.

• Net income is the total amount earned after deductions.

• Net income is also called net pay or take home pay.

Marie wants to decrease the amount of money she spends on food. Which of the following will help her?

• Going to the grocery store with a list

• Going to the grocery store whenever she needs one or two items

• Deciding what she will have for lunch/dinner that same day

How does the 50/30/20 method allocate your income?

• 50% Wants, 30% Needs, 20% Savings & Debt Repayment

• 50% Needs, 30% Wants, 20% Savings & Debt Repayment

• 50% Savings & Debt Repayment, 30% Wants, 20% Needs