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    Finished Budget Management

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    Kalsoom Tahir
    A budget is a financial plan that takes into account estimated revenue and expenses over a period of time. The purpose of a budget is to control spending, aid in decision making, plan where money is going, improve financial situations, and save for goals. When budgeting, the basic components to consider are income, fixed expenses, flexible expenses, and unplanned expenses. A budget results in a surplus, balanced, or deficit outcome depending on whether income exceeds, equals, or is less than expenses.

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    Finished Budget Management

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    Kalsoom Tahir
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    A budget is a financial plan that takes into account estimated revenue and expenses over a period of time. The purpose of a budget is to control spending, aid in decision making, plan where money is going, improve financial situations, and save for goals. When budgeting, the basic components to consider are income, fixed expenses, flexible expenses, and unplanned expenses. A budget results in a surplus, balanced, or deficit outcome depending on whether income exceeds, equals, or is less than expenses.

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    A budget is a financial plan that takes into account estimated revenue and expenses over a period of time. The purpose of a budget is to control spending, aid in decision making, plan where money is going, improve financial situations, and save for goals. When budgeting, the basic components to consider are income, fixed expenses, flexible expenses, and unplanned expenses. A budget results in a surplus, balanced, or deficit outcome depending on whether income exceeds, equals, or is less than expenses.

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    Finished Budget Management

    Uploaded by

    Kalsoom Tahir
    A budget is a financial plan that takes into account estimated revenue and expenses over a period of time. The purpose of a budget is to control spending, aid in decision making, plan where money is going, improve financial situations, and save for goals. When budgeting, the basic components to consider are income, fixed expenses, flexible expenses, and unplanned expenses. A budget results in a surplus, balanced, or deficit outcome depending on whether income exceeds, equals, or is less than expenses.

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    Budget Management

    What is a budget?
    • A budget is a financial plan that takes into account
    estimated revenue and expenses over a certain period
    of time.

    • Re-evaluated periodically

    • Three types of budgets: balanced budget, surplus


    budget, or a deficit budget.
    Purpose of a Budget
    • Control spending
    • A tool for decision making
    • Plan and monitor where your money is going
    • Improve financial situation
    • Save money for goals and dreams
    Set Goals
    Basic Components to Budgeting
    • Income
    • Fixed expenses
    • Flexible expenses
    • Unplanned expenses
    Income
    When you are ready to start budgeting, start with finding
    your regular source of income

    Examples:
    1. “Take home money”
    2. Money earned from working
    Fixed Expenses
    Any expense that does not change from period to period

    Examples:
    1. Rent
    2. Utilities
    3. Loan payments
    4. Subscriptions
    5. Insurance
    Flexible Expenses
    An expense that can be cut back or eliminated

    Examples:
    1. Groceries
    2. Dining out
    3. Entertainment
    4. Shopping – buying items you don’t necessarily need
    Unplanned Expenses
    Expenses that you did not see coming or that you did not
    plan for
    Examples:
    1. Car repair
    2. Home repair
    3. Medical emergency
    4. Moving expenses
    5. Job loss
    Understanding the Numbers
    How to understand the end result of the budget:
    • Surplus budget: income/revenues exceed expenses
    • Balanced budget: income/revenues are expected to
    equal expenses
    • Deficit budget: expenses will exceed income/revenues
    Ted Talk
    https://www.ted.com/talks/thasunda_duckett_6_ways_to
    _improve_your_relationship_with_money?language=en
    Reflection

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