Budgeting And Goal-Setting

Question 1

What’s a budget?

Answer 1

A budget is like a plan for your money. It helps you decide how much you can spend and on what things. You list your income and then figure out how much to set aside for things.

Question 2

Why is budgeting important?

Answer 2

Budgeting is important to ensure you have enough savings incase of emergencies, it prevents overspending, helps achieve financial goals/ save up for something

Question 3

What is the biggest mistake people make when budgeting?

Answer 3

Forgetting to add irregular expenses to your budget (e.g presents and car maintenance)
Not reviewing/ checking if your following your budget

Question 4

The steps to making a budget are:

Answer 4

Calculate your total income
Record your expenses
Total your expenses
Compare total income with your total expenditure
Assess your financial position