1 / 12

BUDGETING

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

antoinette-jaydin
Télécharger la présentation

BUDGETING

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BUDGETING

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

  3. 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

  4. Flexible Expenses • Regular Expense (have some control) • Utilities (water, electricity) • Clothing • Groceries

  5. Discretionary Expenses • Spending within your control • Entertainment • Video Games • Cell phone • Cosmetics • Eating Out

  6. Guess Discretionary Expense The Category! Fixed Expense Allowance Income

  7. Fixed Expense Flexible Expense Interest Earned Income Flexible Expense

  8. Fixed Expense Discretionary Discretionary

  9. 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.

  10. 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

  11. Ways to Cut Expenses and Save • Adjust flexible expenses • Plan discretionary expenses • Do not carry cash—too easy to spend • Pay off debt as fast as possible • Control use of credit cards • Pay bills on time • Change jar • Open savings account in another bank

  12. Final Tip ALWAYS PAY YOURSELF FIRST!!! (SAVE!!!) Shoot for 10% of income

More Related