How to create a BUDGET as a Student!

What is the primary purpose of creating a budget as mentioned in the video?

• To save money for luxury items

• To create a financial plan tailored to personal goals

• To avoid all expenses
  

• To keep track of social outings

According to Lydia, what is a good way to start evaluating your financial position?

• Guessing your income and expenses

• Using a spreadsheet or table

• Asking friends for advice

• Ignoring previous spending habits

When evaluating monthly income, what should students do if their income varies?

• Use last month's income only

• Take an average of the past few months or year

• Assume the highest income

• Base it on their desired income

What type of expenses does Lydia prioritize when creating her budget?

• Personal costs first

• Living costs first

• Entertainment costs first

• Savings costs first

What should students include in their budget to visualize their spending?

• Only their income

• Only their expenses

• A spreadsheet with income and expenses

• A list of their friends' expenses

How does Lydia suggest students approach their savings?

• By spending all their income first

• By setting a goal based on a percentage of their income

• By saving only if they have extra money

• By ignoring savings until they graduate

What does Lydia mean by "surplus" in a budget?

• The total amount of income

• The leftover money after expenses and savings

• The amount spent on entertainment

• The money saved for long-term investments

What is the overall tone of the video regarding budgeting?

• It is overly complex and difficult

• It is meant to be purely educational and supportive

• It discourages budgeting entirely

• It focuses only on personal expenses