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What is a budget?
a plan to spend your money.
What are the two components to set up your Budget?
Income and Expense
What is income?
Money that you earn (work & government)
What is expense?
Money that you spend
What are the three types of expenses?
Fixed, Flexible, & Discretionary
What is Fixed Expense?
Necessary spending and amount is same month to month or year to year
What are the flexible expenses?
Necessary Spending and amount is changing month to month or year to year
Discretionary expenses
Money that you choose to spend. Spending money that you want
Flexible expense is needs or wants?
needs
Fixed expense needs or wants?
needs
Discretionary needs or wants?
wants
What are the SMART Goal Stand for?
Specific, Measurable, Achievable, Realistic, Time-Bound
Grocery
Needs (Flexible)
House
Needs (Fixed)
TTC (Monthly pass)
Needs (Fixed)
TTC (pay to ride)
Needs (Flexible)
