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

• Dining Out

• Internet / Cell Service

• Groceries

• Savings/ Emergency Fund / Retirement

• Travel

• Health Insurance

• Housing/Rent

• Electric

• Credit Card Payment

• Transportation

• Gifts

• Children

• Entertainment

• Pet / Pet Care

• Clothing

• Water/Sewer

• School Events / Prom

• Student Loans

• Subscriptions/ Streaming / Food service

• Natural Gas

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

• Electric

• Transportation

• Credit Card Payments

• Dining out

• Housing/Rent

• Student Loans

• Gifts

• Health Insurance

• Internet Services

• Groceries

• Natural Gas

• Personal Care

• Streaming Services

• Entertainment

• Clothing

• Cable

• Travel

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

• Gifts

• Electric

• Travel

• Health Insurance

• Streaming Services

• Natural Gas

• Credit Card Payments

• Groceries

• Cell phone Service

• Emergency Fund

• Internet

• Gasoline

• Retirement Savings

• Housing/Rent