Budgets Overview Part 3

LET'S REVIEW

A budget includes "INCOME" and "EXPENSES"

What is "Income"

Income is money received through work or investments.

Select all the INCOME below (you'll use the dollar amounts later)
Select all the EXPENSES below (you'll use the dollar amounts later)

A.

B.

                 REVIEWING THE BENEFITS OF BUDGETING

So we know a budget is a plan to save, track, and improve your money situation.

 

It also helps you stay on course with your goals by controlling your spending and saving & investing a portion of your income.

What is "Expense"

Expense is money spent on something.

For the next exercise we are going to create a budget

(aka a plan). We will pretend you are an adult creating

your budget for December. 

If you stick to your spending plan (aka budget)

you will have money left over to put in Savings or Invest.

Do you feel you learned more about budgets today ?

Thank you for all your hard work. It will take practice.

Some grown ups are still learning how to create budgets so you should be proud of yourself. Good job !

Now let's create a budget using all the amounts above #1-20,

even if you didn't select it.