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When you budget, you try to match your _______.

Income with your expenses

Income with your neighbor's income

Expenses with your future income

Income with your expenses. When you budget, you try to match your income with your expenses.

Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.

True

False

True. Budgets can be easily revised by adding and subtracting expenses or income and adjusting amounts associated with specific income and expenses.

Budgeting for a major purchase has many advantages; one of them is that _______.

You may be able to avoid the use of debt

You will always get a lower price by budgeting

Both of the above

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.

A budget never changes.

True

False

False. A budget is a living document that changes over time and needs to be adjusted as income, expenses and circumstances change.

What are some options if despite good faith efforts to make a budget work, you are still getting behind on your bills?

Put the extra expenses on a new credit card

Take on a side gig

Give up on budgeting

Take on a side gig. This is an example of a hard choice that may be unavoidable.