WHAT SHOULD YOU KNOW ABOUT BUDGETING?

WHAT IS A BUDGET BUDGET A FORMAL, WRITTEN STATEMENT OR EXPECTED INCOME AND EXPENSES FOR A FUTURE PERIOD OF TIME A PLAN FOR USING MONEY TO MEET WANTS AND NEEDS

WHO BUDGETS Consumers Businesses Government

BUDGETING PROVIDES A WAY OF CONTROLLING EXPENSES AND DEBT HELPS CONSUMERS PLAN AHEAD AND TO CHOOSE SPENDING GOALS ALLOWS CONSUMERS TO DECIDE HOW MUCH OF THEIR INCOME TO USE FOR DAILY, WEEKLY, AND MONTHLY EXPENSES

PREPARING A PERSONAL BUDGET FOR INSTANCE, MILK, EGGS, AND BREAD WOULD BE CATEGORIZED AS GROCERIES.

CREATING A PERSONAL BUDGET CATEGORIES YOU MIGHT USE: RENT GROCERIES ENTERTAINMENT UTILITIES SAVINGS MISCELLANEOUS TAXES CLOTHING

A PERSONAL BUDGET DISTINGUISH BETWEEN FIXED AND VARIABLE EXPENSES. FIXED EXPENSES DO NOT VARY FROM MONTH TO MONTH. VARIABLE EXPENSES ARE EXPENSES THAT CHANGE FROM MONTH TO MONTH, SUCH AS FOOD AND CLOTHING.

PREPARING A PERSONAL BUDGET ONCE YOU HAVE DETERMINED YOUR MONTHLY EARNINGS AND WHAT YOU SPEND YOUR MONEY ON, YOU ARE READY TO PREPARE YOUR PERSONAL BUDGET.

BUDGETING SUCCESSFULLY A GOOD BUDGET IS CARFULLY PLANNED A GOOD BUDGET IS PRACTICAL A GOOD BUDGET IS FLEXIBLE A GOOD BUDGET MUST BE WRITTEN AND EASILY ACCESSIBLE