personal finance chapter 2
keeping track of your expenses will help you _____ your budget
adjust
when you're creating your monthly budget what's the first priority under expenses?
giving
what's your biggest wealth building tool?
income
to budget with a ______ prioritize expenses from most to least important so your most important expenses are covered first
irregular income
you need to do a budget every single _____
month
if you approach money with a generous spirit you'll be....
more grateful
taxes and withholdings impact your _____ which is The amount of money you take home on your paycheck
net income
A budget is never going to be a _____ process
perfect
what does a budget do?
gives you freedom to spend
The second component is
giving
how long does it take for your budget to start working?
3 months
how many people budget every month?
35%
how many percent of people agree budgeting is important?
95%
specific categories are important to consider when creating a budget so you can _______
Break down your income and spending
What is a budget
a plan for your money
when you use ______, you end up spending less
cash
The way you break up your _______ is up to you
categories
make sure you have a miscellaneous _______
category
is there a base budget does not mean zero dollars in your ______ account
checking
what is it called when you make money on the percentage of the total sales you make?
commission
every month is going to be _______
different
The first month you do your budget will be a ______
disaster
an ____ needs to be evaluated in light of your other expenses for the month
discretionary expense
One of the best ways to track your expenses is the ______ system
envelope
when budgeting becomes a habit in your life it will become easier and ______
faster
a _____ stays the same from month to month
fixed expense
money ____ in ways: in and out
flows
The envelope system is especially helpful for expenses like _______
food gas shopping entertainment
prioritize your _____: shelter, utilities, transportation, and food
four walls
ask a parent or find a _____ to help keep you accountable
friend
find creative ways to be ______ with your time and money
generous
your income, savings and _____ can also have categories
giving
The three priorities in your budget after listing income are ________
giving saving spending
Be ______ with yourself about your spender or saver tendencies
honest
The first component of a budget is
income
you will be inclined to budget one way or another way based on your money _____
personality
don't underestimate the emotional _____ you get when using cash
punch
The third component is
saving
_____ your budget with someone you trust
share
The fourth component is
spending
money flows out in three ways: giving saving and ______
spending
what will tracking expenses help you do
stick to a budget, catch errors, make adjustments
after you make a budget you need to ____ every expense
track
The cost of groceries and gas is considered a
variable expense
use a budgeting app that works for _____
you
is your base budget is when your income minus your giving saving and spending equals _____
zero
a _________ should account for fixed, variable, intermittent, and discretionary expenses based on income
zero based budget
