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3 cards from this section. Quick, good the night before a test.
What is a budget?
Think about what a family needs to manage their money.
List two categories of spending you would include in a budget.
Consider what needs your family has every month.
What is the main purpose of a budget?
Think about why families need to know where their money is going.
True or False: Budgeting does not help in prioritizing family needs.
Consider how a budget impacts spending decisions.
A family has a monthly income of $4,000. They need to account for their current fixed expenses of $2,500 and wish to save $1,000. Create a simple budget detailing how they can allocate their remaining funds.
What are other categories they might need to consider?
If a family finds they consistently overspend on food by $200 each month, how could they adjust their budget to accommodate this while still reaching their savings goal of $500?
Consider what non-essential expenses could be minimized.
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