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Creating A Personal Budgets

Creating A Personal Budgets. Last Lesson:. -Regular/Variable Income. -Recurring/Variable Expenses. -Savings. -Credit. Today. Creating a budget. Analyzing Surplus & Deficit. -A budget is a plan for the future = An Estimate. Creating a Budget. -To create a “ conservative” budget,

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Creating A Personal Budgets

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  1. Creating APersonal Budgets

  2. Last Lesson: -Regular/Variable Income -Recurring/Variable Expenses -Savings -Credit

  3. Today Creating a budget Analyzing Surplus & Deficit

  4. -A budget is a plan for the future = An Estimate Creating a Budget -To create a “conservative” budget, you should….. -Under estimate your income AND OVER estimate your expenses

  5. Surplus If your income is MORE than your expenses then you have a SURPLUS

  6. Deficit If your Expenses areMORE than your Income then you have a Deficit

  7. YOU IN DA HOLE!

  8. Recurring – Rent, Utilities, Gas…etc Examples Variable – Eating out, truck repair, vet bill

  9. To make a conservative budget….

  10. The rule of thumb is to keep track of your income and expenses

  11. Over a period of a few months(min 3 months)

  12. Then average out your income and expenses

  13. This will assist you in creating a MANAGEABLE budget

  14. 3.You will have $$ to purchase stuff outright

  15. Example

  16. Looking at Rent;It is a fixed amount each month so you know that amount would stay @ $450

  17. But your bills varySo we average them out..

  18. $150 + $125 + $125 + $155÷ 4months= $138.75

  19. Each item is averaged and all the new totals become your new budget

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