Budgets.

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Presentation transcript:

Budgets

Components (parts) of a budget: Income – amount of money you earn Expenses – amount of money you spend Examples of expenses: planned savings for college, retirement, emergencies, utilities, taxes Goal of a budget – spend no more than you earn, and save some additional money if possible

Fixed Expense – amount doesn’t change Variable Expense – amount changes from month to month

A budget is many times shown in a circle graph A budget is many times shown in a circle graph. It’s easy to see how much money is allocated to each expense

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During a storm, lightning strikes a large tree in the back yard During a storm, lightning strikes a large tree in the back yard. The tree needs to be removed and it will cost $500. Is there enough money budgeted in the allotted emergency fund? If not, how much more money will they need and how could they find the money for it?

$3518 $3743 2708/160 = $17 3743/160=$23