Budgeting guide

 Hi Guys!

Recently in business studies class we have been learning about budgeting and I'm here to share some of my knowledge to you as the audience. This is my work on budgeting, This should help you learn a bit more on budgeting.

Budgeting guide.

Keywords for budgeting:

Use these words to help you understand the meanings of the words and the language used.

Budget: The money you have available to spend.

Surplus: When you have spent less than your budget.

Deficit: When you spend more than your budget.

Spend: When you buy something using money.

Savings: Having extra that you have not spent.

Wants: Something that is not a need and you want to have.

Needs: Something that is essential to your life.

Income: Money that you have coming into you or your bank account.

Finance: Money that you are in control of.

Price: The set cost an item or service has.

Fees: All the costs you need to pay.

Necessity: When something is required in a transaction or someone’s everyday life.

Exchange: A trade between person to person.

What is budgeting used for:

Budgeting is a very important thing that everyone should learn. This is used so you don’t go over budget

and get put into a deficit (which is when you spend more than you have). When you use a budget correctly you don’t have to worry about spending money that you may or may not have.

Why budgeting:

You should use budgets to know how much you actually spending. Say you have one hundred dollars

and you don’t pay attention to how much you are spending you could spend two hundred which is now

putting you in a deficit.

As you can tell having a budget is very important but there is still a lot of things that could happen out of

budget. Think of having a flat tire and you haven’t thought about that happening you could make a

savings account in your bank. What’s that you don’t want to put money in there for issues when your

saving for a holiday you could open emergency savings account so that you have the money you are

trying to save and the money you need for emergencies in different accounts.

What went well? I think I have showed my learning in a easy understandable way to help the audience know what I am really trying to teach them. What didn't go well: It wasn't the most creative piece of work but has heaps of information. Next time I will try to make it more creative when I show my work. Sites used: I have learnt this topic enough to not need to research for any help and information.

If you think I need to add anything or you want to learn more don't be afraid to tell me and give feedback.

Did you learn anything new with my work?

BYE!