BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible ...

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BUDGETING

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Page 1: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

BUDGETING

Page 2: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT

Fixed Flexible Discretionary

Savings (10% of income)

Page 3: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Fixed Expenses Regular Payments (Fixed every month)

Rent (Up to 30% of your income) House payment (Up to 30% of your

income) Car payment Insurance premiums

Page 4: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Flexible Expenses Regular Expense (have some control)

Utilities (water, electricity) Clothing Groceries

Page 5: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Discretionary Expenses Spending within your control

Entertainment Video Games Cell phone Cosmetics Eating Out

Page 6: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)
Page 7: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)
Page 8: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)
Page 9: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Steps for Creating a Budget Evaluate Income Evaluate Expenses Record the Numbers! (Excel has some

budgeting templates.) Estimate first, then put in actual

numbers as the occur.

Page 10: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Advantages for Creating a Budget Allowing individuals to plan ahead for

expenses Reducing money-related anxiety Helping to avoid overspending Creating a savings plan Helping to avoid late fees and additional

interest charges associated with late payments

Page 11: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Ways to Cut Expenses and SaveAdjust flexible expensesPlan discretionary expensesDo not carry cash—too easy to spendPay off debt as fast as possibleControl use of credit cardsPay bills on timeChange jarOpen savings account in another bank

Page 12: BUDGETING. Budget Categories Income--$$$ coming IN Expenses--$$$ going OUT Fixed Flexible Discretionary Savings (10% of income)

Final Tip

ALWAYS PAY YOURSELF FIRST!!! (SAVE!!!)

Shoot for 10% of income


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