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Transcript of Budgeting
What Is Budgeting?
What a Budget can do for
Comfort and safety
Live life the way
... and much more
Comfort of safety
Knowing your financial situation
Prevent financial crisis
Live life the way
Own what you want FAST
Adapt to changing situations
Good budgeting is Healthy
Seven Steps to Create A Budget
1.Determine your current financial situation
2. Determine your financial goals
Set long term and short term goals
3. Determine your income
Use after tax monthly income
Make realistic estimate for variable income
4. Determine your expenses
Include savings for future
Rainy day fund
Fixed expenses are expenses that do not change from period to period.
Variable expenses are expenses that change in proportion based on consumption level.
Created by: Chong Zhou
5.Revise your budget
Balance expenses to income
Adjust to make perfect
6. Track your expenses
Write it down
Develop a system
Make it a habit
Use cash & avoid credit
7. Evaluate your budget
Budgeting is an art
Adjust budget for special circumstances
Budgeting is Art
Budgeting is Beneficial
Budgeting is Critical