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Transcript of Budgeting
Spending Plan that keeps track of two things: MOney coming in and money going out
Why would you need to use a budget?
There are two important parts of a budget: income and expenses.
Money Going out
How do I budget???
Think about your needs and wants...
Buy what you need first
buy what you want second
What is a Budget???
Money coming in
Amount stays the same each month
Example: Car Payment
Amount varies each month
An expense that does not occur on a consistent basis
Example: New Brakes for your car
Why is Budgeting Important?
Helps to set and reach goals
Let's you enjoy living responsibly within your means
Prepares you for "the real world"
Determine your monthly income
Estimate required (often fixed) expenses
Steps to Create
Estimate discretionary (often flexible) expenses
Track all your spending for a month
To HELP YOU IN Setting and Reaching YOUR Financial Goals!
Successful budgeting depends on how well you set your Financial Goals
The goals you set affect your family, future family, and community
When you create your budget, you should prioritize and rank your goals
Something that takes time and planning. Usually 1 year or more
Something one hopes to achieve within the next year
Important things you hope to achieve over your life
3 Types of Goals
What are your short term financial goals??
What are your long term financial goals??
What are your lifespan goals??