personal budgeting budget – a plan for earning, saving, borrowing and spending

PERSONAL BUDGETING

Budget –

A pla

n for

earn

ing, s

avin

g,

borro

win

g and

spen

ding.

http://www.youtube.com/watch?feature=player_embedded&v=UBvJTTaZwcI

2Copyright © Texas Education Agency, 2012. All rights reserved.

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3

Explain

the Reasons to Track Income & Spending

Understand the co

ncept of

Pay Yourself Firs

t

BUDGETINGCopyright © Texas Education Agency, 2012. All rights reserved.

4

Key Terms

EXPENSES INCOME BUDGET

What you spend money on

Any money you receive

A plan for managing your money during a given period of time.

Copyright © Texas Education Agency, 2012. All rights reserved.

6

Make sure your spending is in sync with your income

• Do you spend more than you make?

• Spending and saving is about lifestyle choices.

Make informed decisions

about what to do with your

money

• Learn to evaluate your cash flow• Understanding your financial

situation can help you to get the best rates for paying off debts and for saving.

Understand what you need

to do to achieve future

goals.

• Spending habits – the choices you make

• If your goals include taking a vacation or going to school, you need to know today so you can make plans

Reasons to Track Incom

e and Spending


7

Un

derstand the concept

of Pay

Yourself

First

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personal budgeting budget – a plan for earning, saving, borrowing and spending

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