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Budgeting 101 questions and answers 2025.

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Budgeting 101 questions and answers 2025.

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  • December 22, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Personal Finance
  • Personal Finance
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BRAINBOOSTERS
Budgeting 101
questions and
answers 2025
What is a budget? - answer "A budget is a written
record of the money that flows
in and out of your household* every month."


Why budget? - answer Budgeting is the first step
on the road to financial success.
Controlling your day to day finances allows
you to do the things you want to do


Balancing income & expenses - answer • Start
budgeting now - don't wait until you're financially
"on your feet", to begin to budget
• A budget is nothing more than the activity of
balancing income vs. expenses.


How to start? - answer If you haven't budgeted
before, or feel at this point don't have a good idea
of where your money is going . . .

, For the next month, write down EVERYTHING you
spend money on and anytime you receive money.


Creating a personal budget - answer Track your
expenses;
• Figure out the amount of money you're spending;
• What do you have to spend?
• What are you spending that is not a necessity?


There are two types of expenses - answer Essential
expenses - HAVE to have in order to live


Non-essential expenses -DON'T HAVE to have in
order to live


Essential - Fixed - Expenses - answer Mortgage or
rent
• Insurance - auto & home
• Car payments
• Taxes
• School loans


Essential - Variable - Expenses - answer • Car
maintenance

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