Basics Beginner: Budgeting

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1.
If your expenses exceed your income in your budget, you may need to revise what you spend your money on, and how much you spend.
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True. You could also earn more money, but it may be easier to change your spending habits.
2.
Which of the following is an example of a fixed expense?
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Your cable bill. Your cable bill is likely to be the same amount each month, and it occurs over and over again regularly. Therefore, it is fixed.
3.
If you have money in your budget left over, what might be the best use for it?
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Put it toward important short and long-term goals. Having money left over (in other words, having savings) means you can put the money toward important goals in life.
4.
When constructing a budget, where can you find information about your expenses?
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Bank statements, online banking, and credit card statement. Bank statements, online banking transactions, and credit cards all detail your spending transactions. Use these tools to create a written record of your expenses.
5.
Your financial institutions may already offer some budgeting tools.
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True. Many financial institutions provide budgeting software that is accessible when you log in to your account online.