Basics Beginner: Budgeting Made Simple

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1.
What is one kind of financial need?
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Groceries. Groceries are one kind of financial need.
2.
A major purchase is a _______ expense.
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Variable. It is variable because you don't normally buy it on a regular basis.
3.
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.
4.
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.
5.
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.