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Basics Beginner: Budgeting Made Simple

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1.
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.
2.
A budget never changes.
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False. A budget is a living document that changes over time and needs to be adjusted as income, expenses and circumstances change.
3.
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.
4.
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.
5.
When creating a budget, you should gather information associated with _______ of your expenses.
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All. When creating a budget, its important to gather information associated with all of your expenses.