Basics Beginner: Budgeting Made Simple

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1.
What kinds of expenses should you include in a budget?
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All of your expenses. When you create a budget, you should be as inclusive of your expenses as possible.
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.
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.
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.