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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 are expenses?
Money that you spend
What are Fixed Expenses?
Necessary spending and amount is same month to month or year to year
What are flexible expenses?
Necessary Spending and amount is changing month to month or year to year
Are variable expenses usually needs or wants?
Wants
Are Fixed expenses usually needs or wants?
needs
Mr. Berger upgraded his smartphone because the new iPhone came out. Is this a want or a need?
Want
Mr. Berger upgraded his Smartphone because old phone is not working. Is this a want or a need?
Need
Mr. Berger adopted a dog. Is this a want or a need?
Want
Mr. Berger bought foof for his dog, Walter. Is this a want or a need?
Need
What is the first step to set up a budget?
Determine your income
When budgeting, how do you make sure you don't run out of money each month?
Compare you income and expenses
Mr. Berger went to coffee shop for his coffee in the morning. Is this a want or a need?
Want
Mr. Berger wants to play the new WWE video game, so he bought the game and a PS5. Is this a want or a need?
Want
