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4 cards from this section. Quick, good the night before a test.
What is a budget?
Think about how you want to spend your money.
Name one example of fixed and one of variable expenses.
Consider regular bills vs. occasional purchases.
What is the purpose of a budget?
Remember the main reason for a budget.
True or False: Fixed expenses can vary each month.
Think about what monthly bills are consistent.
Imagine you are responsible for managing a household budget of $5,000 a month. You have set aside $1,200 for rent, $600 for food, and $400 for utilities. If you also plan to save $800 for future expenses, what remaining amount do you have for entertainment, transportation, and other expenses?
Total your expenses and subtract from the initial budget.
If you start with a budget of $1,500 for groceries for the month but spend $200 on the first week and $300 on the second week, how can you adjust your spending for the remaining weeks to stay within budget, considering you have two weeks left?
Divide the remaining budget by the weeks left.
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