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Budgeting Basics: How to Get Started!

Learn the fundamentals of budgeting to manage your finances effectively. Understand the importance of creating and sticking to a budget to achieve financial goals, save money, and track expenses. Explore key concepts like income, expenses, and the budgeting process.

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Budgeting Basics: How to Get Started!

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  1. Budgeting basics & how to get started!

  2. Show of hands • How many of you have created a budget in the past? • How many of you have STUCK to your budget?

  3. Discussion question… What do you think a budget is?

  4. What is a budget? • A PLAN FOR YOUR MONEY! • Budgetingis a way of keeping track of exactly how much money is coming in and exactly how much money is going out. • Budgeting ensures you don’t run out of money, so you have money when youreally need it.

  5. Why budget?... • Why do you think it’s important to have a budget?

  6. A budget can help you: 1. Achieve your financial goals. Save up for a big purchase. Create an emergency fund. 2. Avoid overspending on unnecessary things. 3. Increase your savings. 4. Manage where your money is going. Why is it important?...

  7. INCOME Any money earned or contributed to your household from personal finances or your job. EXPENSES Money that you spend, or anything you purchase. This includes both planned and unexpected expenses. What’s in a Budget?

  8. The Budgeting process

  9. Budget #1

  10. budget #2

  11. Next: budgeting activity!

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