Topic 4 - Budgeting Flashcards
1
Q
What are the two main parts of budgeting?
A
An estimate of money coming in and out over a certain period, and plans to ensure spending doesn’t exceed income over that period.
2
Q
What is good budgeting?
A
It involves checking actual income/spending on a regular basis and adjusting accordingly. it can help an individual predict when they are able to increase or decrease their spending.
3
Q
What is poor budgeting?
A
It can lead to bills being unpaid, unexpected shortfalls, losing control of your spending and getting in to debt.
