Financial Literacy - Budget Basics

• Budget
  • ​an estimate of income and spending for a set period of time.
  • a comparison of what you earn (income) to what you spend (expenses).

• Financial Goals - plans you have for the future.  They can be short, medium or long-term.​
• Income - money that you make or earn.

• Expenses - money that you spend or owe (bills, for example).​
• Balanced Budget - when you have no debt, but you are not saving money either; breaking even.

• Wants vs. Needs:
  • ​Want - something that you desire, but is not needed to survive.
  • Need - something that is necessary for survival.

• Record-Keeping - a history of financial activities kept in a record or journal.

Please click here and watch the video about Money Management/Budgeting from econedlink.org.

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