Budget Review

What is a Budget?

• Spending your money

• A plan for your money

• Going to the bank

1. Why is it important to budget your money?

• 1. So you always know how much money you have and how much money you need for your expenses.

• 1. So you do not overspend.

• To make sure you have enough money for your needs.

1. What are the steps to budgeting your money?

• 1. Income, update balance, Expenses, update your balance.

• 1. There are no steps to budgeting.

• 1. Income and Expenses

1. How do income and deposit relate to each other?

• 1. They are total opposites.

• 1. Income is when you get money and then you deposit it in your bank account.

• 1. Income is when you spend your money.

How do expenses and withdrawals relate to each other?

• 1. Expenses are when you have to pay money for something so you have to withdraw money out of your bank account.

• 1. They are total opposites.

• 1. Expenses are when you save your money.