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Personal Finance Lesson #6 Budgeting

A budget can be defined as
A detailed summary of estimated expenses over a period of time
A type of canary
The amount needed for a house down payment
A working list of expenses
A long-term budget can do what?
Pay for current expenses
Pay for large expenses in the future, like a home deposit, kitchen appliance, or college tuition
Pay current tuition
Pay bills for your grandchildren
A short-term budget can do what?
Plan a budget for your lifespan
Plan a budget for your dog's lifespan
Help plan expenses that are immediate and recurring like the electric bill, car payment, etc.
Help plan expenses that are over years
A fixed expense is an example of what?
A monthly cost that doesn't vary much from month to month like your rent, car payment, or insurance
A monthly cost that varies greatly like seasonal electric bills
A recurring monthly cost, with interest
The cost of a home repair
A variable expense is an example of what?
An expense that does NOT change over time
An expense that stays constant
An expense that varies, or changes over time
An expense that compounds interest
A budget can do what?
Help to track monies in and monies out
Help you save for a big purchase
Help you pay off a bill like a car, credit card, or mortgage
Help you spend money wisely
There is a magic formula to help people budget
True
False
Budgets require what?
Honesty
Effort
Determination
Hard work
Knowing what you spend is a great way to help you save in some areas
True
False
About 6% of people have retirement accounts, but 100% of people have bills.
True
False
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