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Basics Beginner: Budgeting Made Simple

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1.
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.
2.
Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
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True. Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.
3.
What are some options if despite good faith efforts to make a budget work, you are still getting behind on your bills?
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Take on a side gig. This is an example of a hard choice that may be unavoidable.
4.
What is one kind of financial need?
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Groceries. Groceries are one kind of financial need.
5.
Budgeting for a major purchase has many advantages; one of them is that _______.
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You may be able to avoid the use of debt. Avoiding debt can save you a lot of money, as well as give you time to think over the purchase.