personal budgets
DESCRIPTION
Personal Budgets. In This Chapter:. -How to keep Financial Records. -How to create a personal budget. -How to balance a budget. -How to analyze a budget. What is a budget?. A method of keeping track of your . What $$ do you need to keep track of?. Income. Expenses. - PowerPoint PPT PresentationTRANSCRIPT
Personal Budgets
In This Chapter:-How to keep Financial Records-How to create a personal budget-How to balance a budget-How to analyze a budget
What is a budget?
A method of keeping track of your
What $$ do you need to keep
track of?
Income
Expenses
$$ that comes in and $$ that goes
out
How to you start a budget?
Start by asking
What are some examples of
questions that should be asked?
1.What is my income?
Gross vs. Net
2.What are my Expenses?
Make a list of your MONTHLY expenses
What are monthly expenses?
List as many expenses as you can
think of
-Rent-Phone
-Entertainment
-Groceries-Transportation-Internet
-Cable-Hydro
Some Expenses that you didn’t think of…
-Moving expenses-Furnishings
-Vehicle Maintenance-Banking fees-Long Distance Calls-Laundry
-Medical-Insurance – auto/personal
A budget Organizes this information
How would you organize your
income/expenses?
Income Expenses
Paycheque $1500 Rent $450
Birthday Gift $50 Cable $56
Yard Work for Parents $100 Phone $75
Hydro $35
Car Ins. $125
Internet $15
Groceries $400
Gas $100
Entertainment $150
Total $1650 Total $1450
Surplus $200 Deficit