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Why have a budget? To keep track of your money – where it is going To pay your bills on time

Budgeting. A budget will help you make the most of your income. Why have a budget? To keep track of your money – where it is going To pay your bills on time Save for the things you like. Budgeting Terms. If you spend less than you earn this is called a budget SURPLUS

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Why have a budget? To keep track of your money – where it is going To pay your bills on time

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  1. Budgeting A budget will help you make the most of your income. Why have a budget? • To keep track of your money – where it is going • To pay your bills on time • Save for the things you like

  2. Budgeting Terms If you spend less than you earn this is called a budget SURPLUS • You can use your budget to works out how much you can put aside each pay to save

  3. Budgeting Terms If you spend more than you earn this is called a budget DEFICIT • You can use your budget to work out where your money is going and ways you can cut your spending or increase your income

  4. Getting Started Get the information you need: • A record of your day-to-day spending • A list of any other costs • Details about your income • Savings A budget needs to be accurate or it won’t work

  5. Writing Your Budget Write a weekly plan about: • How much you need for food • How much you need to pay your regular bills • How much you have left over A budget is ... INCOME less EXPENSES = SURPLUS or DEFICIT A SURPLUS means we can SAVE!

  6. Learning Goals • To help the RSE worker(s) to: • Understand budgeting terms: income, expenses, surplus, deficit. • Activities • Test your budget knowledge. Take the Budget quiz by clicking on the tick button below.

  7. Learning Goals • To help the RSE worker(s) to: • Identify weekly income and expenses • Calculate weekly, monthly, and budget surplus for their time in New Zealand (addition, multiplication) • Activities • Create a draft personal budget by clicking on the tick button below.

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