Intro to Budgeting
Overview
Taking control of your financial life starts with creating a simple budget. As easy as it sounds, creating a budget is the single most important step toward a successful financial life. A budget doesn’t just help you manage your expenses, it also serves as a plan to help you achieve your goals and dreams.
Which of the following is the best description of a budget?
The amount of money I spend each month
A plan for managing my financial inflows and outflows
The amount of money I’m able to save each month
A list of things I’m not allowed to spend my money on
Which of the following is NOT a benefit of creating a budget?
Manage unexpected expenses
Achieve long term personal goals
Access more credit at a younger age
Freedom to be in control of your financial life
What is a financial inflow?
Money that I move from one bank account to another
Money that I earn from all sources
Money that I spend on all items
The amount of a debt that I’ve paid off