Budgeting

Cancel It

Cancel unnecessary recurring expenses. It's easy to set up autopay and forget whatever was signed up for.

Online Software or App

Create and track budgets on a device. Add expenses as they happen or link accounts to automatically track expenses. Best option for busy people who use credit and debit cards a lot.

Savings Buddy

Set up a competition among friends to see who can save for something you all want first, or just ask a friend to keep you accountable.

Savings Plan

Set up an automatic savings plan. If the money is deducted from your account right away, it will be harder to spend it.

Spreadsheet Budget

Similar to notebook or paper budget but done on a computer. Best for people who customize and update their budget but don't want to link their accounts or do manual calculations.

What is true regarding unexpected expenses?

They should be planned for. (Allocate extra "safe" money)

Charitable donations, entertainment expenses, and financial goals are all examples of...

Things to consider when creating a budget.

The envelope method, notebook and pencil, and online software are all methods of ______.

Tracking your spending

Which of the following is NOT true about emergency funds?

They are used for anything listed on the budget.

An unanticipated expense that will make it difficult to get by day-to-day would be a candidate for...

emergency fund spending.

Short-Term Financial Goal

A goal set by a business or individual that is hoped to be achieved within the next year.

An emergency fund should NOT be used for...

A last minute school trip.

Envelope Method

Allocate spending right before you get paid. Then all the money are split into different envelopes designated for each budget item or category. Once the envelope is empty, the money spent in that category is done for the month. Best way to stop overspending.

What helps prepare for unexpected expenses?

Emergency Fund

Which of the following should you consider when setting a budget?

Financial Goals, Needs, Wants, and Savings

What budgeting tip(s) would help you to stay on track financially?

Find a friend with similar goals and hold e/o accountable

Benefits of using a budget

Helps to keep track of the money received, helps to prioritize spending, helps to reach short- and long- term financial goals.

What are the benefits of using a budget?

Helps to keep track of the money received, helps to prioritize spending, helps to reach short- and long-term financial goals.

Long-Term Financial Goal

Major purchases that require extensive saving to meet later in life; examples include home ownership, education, retirement, investments.

Prioritize

Make a list of new items and prioritize/purchase them over time.

What should be considered when setting a budget?

Needs, wants, and savings

Ways to keep track of Budget

Notebook and Pencil, Envelope Method, Online Software or App, Spreadsheet Budget

Eat in

Plan meals ahead of time rather than going out for food.

In addition to needs, what should you plan for first when creating a budget?

Recurring Expenses

Deal Apps

Use deal or coupon apps to help find a discount on things purchased regularly or something needed to purchase soon.

Fun Money

When one gives themselves a weekly allowance for fun money. Makes one less likely to splurge if there is money set aside each week to spend on whatever one wants.

Notebook and Pencil

Write out income and expenses in a notebook. Keep a running list of every time money is spent, then track how the budget is doing. Best way to track spending offline.

Where should you look to find your current expenses when building your budget?

Bank and Credit Statements

Round Up

Round all expenses up. (EX. if something costs $18, budget for $20 to have extra money to set aside)

Transportation

Save on gas by walking short distances, carpooling, or using an app to find the cheapest gas prices.

What is NOT true about unexpected expenses?

They do not occur if you have a budget.