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02.08 Why Budget
Transcript of 02.08 Why Budget
Career: Emergency Room Nurse
Total Yearly Expenses: $45,193
Difference (net income minus expenses): $3,557
Other Credit Debt Cost
Phone and/or Cell
Cable and Internet
Electric and Gas
Water and Sewer
Other Medical Costs
Clothing & Laundry
Organization Dues or Fees
Gifts and Donations
Holidays and Birthdays
Mortgage or rent
Maintenance or repairs
Savings or Investments Cost
Yearly Budget: $50,000
Gross Income: $65,000
Net Income: $48,750
Why is budgeting important to your life?
Budgeting is important because it allows you to create a spending plan for your money, it is a great way to make sure that you will always have enough money for the things you need and for the things that are important to you.
Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?
I personally thought some of this was difficult. I thought some of it was difficult because, I have never looked at one item based on a year term.
How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.
Buying a large item with your credit card can affect your credit score. You need to make sure that you have enough money put back to pay off the interest.
What adjustments did you have to make to your budget? How did you decide where to make changes?
I didn't have to make any changes to the budget.
Will you begin using a budget regularly now? Why or why not?
Yes, I will be using a budget regularly. I'll be using it because it is a great way to handle your money.