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Basics Beginner: Budgeting Made Simple

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1.
A budget helps you match your _______.
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Income and expenses. A budget helps you match your income and expenses.
2.
Wealthy people don't need budgets.
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False. Wealthy people can overspend just as easily as people in other income groups, so they can benefit just as much from a budget.
3.
What is one way to gather accurate information about your income to include in a budget?
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Looking at your paystub. Looking at your paystub is one way to gather accurate information about your income to include in a budget.
4.
A budget might fail if you include expenses that aren't _______.
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Realistic. A budget might fail if you include expenses that aren't realistic.
5.
The first step in financing a major purchase is to ________.
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Establish a household budget. That way, you can see how and where the planned purchase can be fit into your overall financial picture.