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Personal Budgets

Learn the importance of personal budgets and how to create and manage them effectively. A budget helps you track your spending, plan future expenses, and save for larger purchases. Without a budget, individuals are often unaware of their financial status, tend to live paycheck to paycheck, and struggle to save for significant goals. This guide discusses the necessity of budgeting, potential pitfalls, strategies for allocating funds, and practical steps to develop a budget that aligns with your financial aspirations.

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Personal Budgets

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  1. Personal Budgets Creating and Managing

  2. Reasons for a Spending Plan • Helps you know where you are currently spending • Helps you decide where to spend your money in the future • an organized way to save for things that cost more • Puts you in control of your financial future

  3. People Without a Budget… • less likely to know what they have • have no plan, often live paycheck to paycheck • usually have no plan to save for more expensive goals

  4. Questions (*) • Does it make sense to create and live within a budget when you don’t have a lot of money? • What if you find that you are consistently spending more in one area than you had planned to? • What if you find that you can’t live within your budget?

  5. Types of Costs (*)

  6. PAY YOUR$ELF FIRST! (PYF) S A V E very time you PYF, you are developing a saving habitthat leaves you with more money to spend later on things that are really important to you! etting aside money for “big ticket items” voids borrowing, which costs you a lot! It’s a… ery wise thing to do, because

  7. Personal Plan for One Week (*)

  8. How to Build a Budget • Decide on a time frame for tracking expenses (week, two weeks, month). • List all money you have coming in (income). • Make categories for all expenses. • Subtract total expenses from income. • Study your budget and your financial plan to make sure it fits with your plans and goals.

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