10.2 Budgeting: Organizing Expenses

What is a want?

• A want is a desire for something that is not necessary for survival.
• A want is a feeling of contentment.
• A want is a synonym for necessity.
• A want is a need for survival.

What is a need?

• Not necessary or important
• A luxury or desire
• Something that is easily obtained
• Essential or required for survival, growth, or well-being.

Organize these options into the right categories

Groups:

(a) Needs

,

(b) Wants

• Pet / Pet Care

• Transportation

• Water/Sewer

• Student Loans

• Electric

• Travel

• Clothing

• Internet / Cell Service

• Subscriptions/ Streaming / Food service

• School Events / Prom

• Housing/Rent

• Groceries

• Entertainment

• Health Insurance

• Natural Gas

• Credit Card Payment

• Children

• Savings/ Emergency Fund / Retirement

• Dining Out

• Gifts

What is a variable expense?

• A variable expense is a fixed cost that never changes.
• A variable expense is a one-time payment.
• A variable expense is a cost that is always the same every month.
• A variable expense is a cost that can change from month to month.

What is a fixed expense?

• A fixed expense is optional
• A fixed expense changes every month
• A fixed expense is a one-time payment
• A fixed expense is a recurring cost that remains constant each month.

Organize these options into the right categories

Groups:

(a) Fixed Expenses

,

(b) Variable Expenses

• Credit Card Payments

• Transportation

• Personal Care

• Internet Services

• Travel

• Groceries

• Health Insurance

• Streaming Services

• Electric

• Dining out

• Entertainment

• Housing/Rent

• Student Loans

• Natural Gas

• Clothing

• Gifts

• Cable

What are the different time periods for budgeting?

• Daily, Monthly, Quarterly, Yearly

• Annual, Bi-annual, Quarterly

• Daily, Weekly, Monthly

• Annually, Monthly, Weekly

Organize these options into the right categories

Groups:

(a) Weekly

,

(b) Monthly

,

(c) Annually

• Cell phone Service

• Travel

• Electric

• Gifts

• Internet

• Retirement Savings

• Health Insurance

• Credit Card Payments

• Gasoline

• Natural Gas

• Housing/Rent

• Emergency Fund

• Groceries

• Streaming Services