Personal finance ch 2
Every month is
Different
First month of budgeting will be a
Distaster
One of the best ways to track your expenses is the ..... system
Envelope
Variable expense
Expense that varies in dollar amount month to month - expect to have every month
When budgeting becomes a habit, it will be easier and ...
Faster
33% of those without debt say they never worry about .....
Finances
Second component of a budget
Giving
Your income, savings, and ...... can also have categories
Giving
Money flows out in three ways:
Giving saving and spending
First component of a budget
Income
Leading cause of divorce
Money
You will be inclined to budget one way or another based on ..
Money personality
Do a budget every ...
Month
A budget is never going to be a .... Process
Perfect
A budget is a .... For your money
Plan
Third component of a budget
Saving
.... Your budget with someone you trust
Share
Be ... with yourself about spender tendencies
Spender
Fourth component of a budget
Spending
The best kind of budget
Zero based budget
Irregular income
income that comes in at different amounts or at different times, or both
Income
money received, for work, as a gift, or through investments.
Ask a parent or friend to keep you ..
Accountable
Keeping track of your expenses will help you ..... your budget
Adjust
Gross income
Amount you earn before taxes
Nearly half of Americans say personal debt makes them ...
Anxious
Find creative ways to be .... With your time and money
Generous
Avg household spends .... On groceries and 290 on dining each month
370
Nearly ...% of students make a monthly budget after this course
80
..% to always set aside
10
Avg family spends over ..... per year on clothing
1800
Give your budget ... months to work
3
Only ...% of people do a budget every month
35
Avg American household spends more than ..% of annual income
90
...% of millionaires stick to their budgets
93
...% of couples in great marriages discuss personal finances
94
....% of people agree budgeting is important
95
When you use ..... you spend less
Cash
Zero based budget does not mean zero in your ....... account
Checking
More than 15 million Americans are either self implored or make ....
Commission
discretionary expenses
Expense for things you don't need
Intermittent expense
Expense that occurs at various times throughout the year and tends to be large lump sums
Money ...... in two ways: in and out
Flows
Your budget gives you ...... to spend
Freedom
Common entertainment categories
Groceries restaurants gas entertainment personal
Your biggest wealth building tool
Income
Spend .... Than you earn
Less
Don't underestimate the emotional .... You get when using cash
Punch
Cash flow statement
Record that summarizes all income and outgo over certain time period
Prioritize your 4 walls:
Shelter utilities transportation and food
After you make a budget you need to .... Every expense
Track
Best way to stick to your budget is by
Tracking expenses
Net income
What a person earns after payroll taxes and other deductions - take home pay
Budget
Written plan for giving saving and spending
Use a budgeting app that works for ...
You
Zero-Based Budget is when your income minus your giving saving spending = .....
Zero
The way you break up your ..... is up to you
categories
Make sure you have a miscellaneous.....
category
Commission
earnings based on how much a worker sells
Fixed expense
expenses which stay basically the same from month to month
