KEMBAR78
Class Notes Introduction To Personal Budgeting | PDF
Scribd
Upload
8 views2 pages

Class Notes Introduction To Personal Budgeting

This document provides an introduction to personal budgeting, emphasizing its importance in managing income, expenses, and savings. It outlines key terms, steps to create a budget, tools for budgeting, and common mistakes to avoid. The overall message is that budgeting enables informed financial choices and requires regular review and discipline for success.

Uploaded by

tesla4275
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
8 views2 pages

Class Notes Introduction To Personal Budgeting

This document provides an introduction to personal budgeting, emphasizing its importance in managing income, expenses, and savings. It outlines key terms, steps to create a budget, tools for budgeting, and common mistakes to avoid. The overall message is that budgeting enables informed financial choices and requires regular review and discipline for success.

Uploaded by

tesla4275
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

Class Notes: Introduction to Personal Budgeting

Overview

This lesson introduces the fundamentals of personal budgetingan essential skill for managing

income, expenses, and savings effectively.

Why Budgeting Matters

Budgeting helps you control spending, reach financial goals, and prepare for emergencies.

Key Terms

- Income: Money received (salary, business, etc.)

- Fixed Expenses: Regular costs like rent, EMIs

- Variable Expenses: Fluctuating costs like food, utilities

- Savings: Money set aside for future use

Steps to Create a Budget

1. Calculate monthly income

2. List all expenses

3. Categorize them as fixed or variable

4. Allocate funds

5. Track and revise monthly

Tools for Budgeting

- Pen & paper ledger

- Excel/Google Sheets

- Budgeting apps like Walnut, Goodbudget

Common Mistakes to Avoid

1. Underestimating variable costs

2. Not tracking cash transactions

3. No emergency fund

Exercise
Fill in the blanks:

Income: ______

Fixed Expenses: ______

Variable Expenses: ______

Savings Goal: ______

Summary

A budget is not about limiting freedomit's about making informed choices. Regular review and

discipline are key to success.

You might also like