chapter 6: budgeting. read each question on the cosmo quiz. total up your answers determine how you...
TRANSCRIPT
![Page 1: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/1.jpg)
Chapter 6: Budgeting
![Page 2: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/2.jpg)
• Read each question on the Cosmo Quiz.
• Total up your answers• Determine how you manage your
money!
Cosmo Quiz
![Page 3: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/3.jpg)
Cosmo Quiz Scoring
1. a. 5 b. 1 c. 3
2. a. 1 b. 3 c. 5
3. a. 3 b. 1 c. 5
4. a. 5 b. 1 c. 3
5. a. 1 b. 5 c. 3
6. a. 5 b. 3 c. 1
7. a. 5 b. 3 c. 1
8. a. 3 b. 1 c. 5
![Page 4: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/4.jpg)
Scoring Results• 10 – 20 points
You tend to be a bit overcautious with money. You don’t mismanage your money, but you’re not being fair to yourself either. You should treat yourself to something special.
• 21 – 30 pointsYou manage your money wisely. When you receive money, you know exactly what to do with it. You save some of your money and leave some left over for yourself.
• 31 – 40 pointsYou tend to be a bit careless when it comes to managing money. Money burns a hole in your pocket. You need to learn to be a little more conservative with the money you receive. You will soon find that your finances will fall into place.
![Page 5: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/5.jpg)
• Write down 3 short term spending goals you have (within 6 mo- yr)
• Write down 3 long term spending goals you have (1 yr-more)
Bell Ringer- 03/04/15
![Page 6: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/6.jpg)
• Barenaked Ladies- If I Had A Million Dollars
If I had a Million Dollars
![Page 7: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/7.jpg)
• Read each statement and determine whether you think it is true or false.
• Include some reasoning as to why you came to that conclusion.
Millionaire Questions
![Page 8: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/8.jpg)
• Most millionaires inherit their wealth.• False—About 80 percent of millionaires
are first-generation affluent.
• Most millionaires earn more than $500,000 per year.
• False—Less than 15 percent of millionaires have income over $500,000 per year.
Millionaire Answers
![Page 9: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/9.jpg)
• College graduates earn much more than high school graduates do.
• True----fact, according to 2007 Census Bureau statistics, the average college graduate earned 78 percent more than the average high school graduate. People with professional degrees earned 255 percent more than high school graduates.
Millionaire Answers
![Page 10: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/10.jpg)
• People who are self-employed usually become millionaires.
• True—More than half of the millionaires are self-employed.
Millionaire Answers
![Page 11: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/11.jpg)
• All millionaires wear expensive clothes.
• False—Fifty percent of millionaires have never paid more than $400 for a suit; 90 percent of millionaires have never paid more than $1,000 for a suit.
Millionaire Answers
![Page 12: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/12.jpg)
• Millionaires usually drive new cars.
• False—Less than 25 percent of millionaires drive a current-year car and more than half drive a car that is more than two years old.
Millionaire Answers
![Page 13: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/13.jpg)
• Many millionaires drop out of college to start work.
• False—Four out of five millionaires are college graduates. Eighteen percent have master’s degrees, 8 percent law degrees, and 6 percent Ph.D’s.
Millionaire Answers
![Page 14: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/14.jpg)
• It’s possible to save enough to be a millionaire.
• True—For example, if a 22-year-old saves just $50 per week ($2,600 per year) during his or her entire working life and earns a 9 percent rate of return on the investments, the saver would have more than $1 million by age 63.
Millionaire Answers
![Page 15: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/15.jpg)
Chapter 6.1 Choose Financial Goals
![Page 16: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/16.jpg)
• A plan for dividing income among spending and saving options.
• It can help you achieve more of what is important to you during your life span.
Budget
![Page 17: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/17.jpg)
• First step in budgeting process is to consider important goals you have set in your life-span plan
First Step in Budget Process..
![Page 18: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/18.jpg)
• Short term– Things you hope to achieve within a year– Example: Spending $200 to visit a friend who
moved away– Can be achieved quickly
• Long Term– Things you want to achieve over more than a
year– Example: Pay for a house, college, retirement,
etc.– Saving over time
Short Term Vs. Long Term Goals
![Page 19: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/19.jpg)
• Control short term spending• Saving NOW!!• Spending to satisfy short term
wants can affect your future plans• Evaluate priorities
Balancing Long Term Spending with Long Term Success
![Page 20: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/20.jpg)
• Your actions affect you and your family
• Consider how your goals impact other people in your life.
• Think about what expenses you may have that can affect all of your family members…
Your Goals Affect Others
![Page 21: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/21.jpg)
• Your Current Family– You have a goal of being a computer
programmer– Paying for this degree requires a lot of
money for your education– Most parent help out in getting loans to help
their children– It can take many years to pay off the loan– How might this financial burden affect
your lives?
Your Goals Affect Others
![Page 22: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/22.jpg)
• Future Family– 75% of people marry before 30 yrs old– Your decisions now or in the next few
years can affect the person you marry– By borrowing you trade future spending
for current spending– Borrow Responsibly!
Your Goals Affect Others
![Page 23: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/23.jpg)
• You go to school• Get a job• Earn money• Start a family
• The work you choose to do can benefit many people in your community!
Your Community and Your Goals
![Page 24: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/24.jpg)
• Housing• Transportation• Food • Savings • Entertainment• Insurance/ Medical• Other
• 30%• 20% (car, gas and oil)• 15% (groceries &
rest.)• 10%• 5%• 15%• 5%
Budget Categories
![Page 25: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/25.jpg)
Chapter 6.2: Track Income and Expenses
![Page 26: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/26.jpg)
• Look at the money picture document.• Pick 2 of the “quotes” or
“statements” and explain whether you agree or disagree with the statement.
Bell Ringer 10/9
![Page 27: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/27.jpg)
Income
• Savings Account Interest
• Investment Dividends• Investments• Paycheck• Checking Account
Interest
Expenses
• Auto Insurance• Gas• Hair Care• Home Insurance• Lunches• Property Tax• Car Maintenance • Donations• Student Loan Interest• Rent• Mortgage• Mortgage Interest
Income V. Expenses
![Page 28: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/28.jpg)
Fixed
• Car Insurance• Mortgage• Rent• Renter’s Insurance• Student Loan
Repayment• Car Payment
Flexible
• Gas• Savings• Utilities• Entertainment• Groceries• Hair Care• Investments• Parking• Pet Care• Train Passes• Vacation Fund
Fixed V. Flexible
![Page 29: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/29.jpg)
Housing30%
Trasportation20%
Food15%
Enter-tain-ment5%
Savings10%
Insurance15%
Other5%
Budget Categories
![Page 30: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/30.jpg)
• Money you receive in the form of:– Paycheck– Cash– Gifts– Tips
Income
![Page 31: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/31.jpg)
• Items you spend your income on– Cell phone bill– Rent– Groceries– Cable/Internet
• Income
Expenses
![Page 32: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/32.jpg)
• Labeled file folders– File receipts, check stubs, and notes
about income or purchases
• Computer spreadsheet– Keeps spending organized so you can
plan for vacations, major purchases, and long term expenses
Filing System
![Page 33: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/33.jpg)
• File each record as you receive it–File folder or computer spreadsheet
• Keep all your records in files and all your files in one place!
Record Keeping
![Page 34: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/34.jpg)
• Amounts you are committed to spend and are generally the same amount each month.– Rent/mortgage– Cell phone bill– Cable bill– Car payment
Fixed Expense
![Page 35: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/35.jpg)
• Varies month by month• Amounts you can choose to spend or
not to spend– Clothing– Groceries– Entertainment: movies, concerts,
restaurants
Flexible Expenses
![Page 36: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/36.jpg)
• Goods that have special qualities that make them more expensive then alternative goods.– Sports car vs. A used compact car– (Lexus vs. Toyota)– Coach purse vs. Purse from Kohls
• You must choose among flexible spending options. Prioritize your options!
Luxury Goods
![Page 37: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/37.jpg)
• List your income and expenses
• This tracks where your money goes
• You can use excel as a starting point!
2nd step of budget process
![Page 38: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/38.jpg)
• Advantage–You know how much you have to pay and when you have to pay it!
Fixed Expenses
![Page 39: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/39.jpg)
• Fill in monthly gross pay• Determine net pay using given tax
information–Disposable Income
• Distinguish between fixed and flexible expenses
• How much money do you have left over after your bills have been paid?–Discretionary Income
Budget Activity
![Page 40: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/40.jpg)
• Open your Life Smart Project to Page 3
• Underneath your bell ringer, write down your monthly net pay from your life smart project (found on tax page 3).
• Multiply this amount by 15%
• This is your food budget!
Food Budget
![Page 41: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/41.jpg)
• Brainstorm using the calendar to create a meal plan for the month of March.– Identify breakfast, lunch, dinner, and
snacks.
• List the ingredients you need to complete your meal plans.
Food Budget
![Page 42: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/42.jpg)
1. Use the grocery store ads and grocery price lists to identify the cost of your ingredients.2. Use a calculator to add up your list.
3. Complete the food budget reflection!
Food Budget
![Page 43: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/43.jpg)
• Use price lists to finish project– Total up your prices!
–www.peapod.com (for prices)
• Turn in Food budget Packet & Reflection sheet
Food Budget Project
![Page 44: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/44.jpg)
• List 2 reasons why it is important to budget your expenses.
Bell Ringer- 10/10/13
![Page 45: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/45.jpg)
• Work on the short and long term financial goals tab of your Life-Smart Project– Choose 1 item you want to buy short term
• Search 2 places you can buy this item at• Research Pricing
– Choose 1 item you want to buy long term• Search 2 places you can buy this item at• Research Pricing
03/6/2015
![Page 46: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/46.jpg)
Chapter 6.3: Your Budget Worksheet
![Page 47: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/47.jpg)
• Fill in monthly gross pay• Determine net pay using given tax
information–Disposable Income
• Distinguish between fixed and flexible expenses
• How much money do you have left over after your bills have been paid?–Discretionary Income
Budget Activity
![Page 48: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/48.jpg)
• How to Squeeze a Nickel Article–Write down 3 savings tactics you
think you would be able to do–Write down 2 things you could
absolutely not do–Write 1 savings tactic of your own.
Bell Ringer 03/11
![Page 49: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/49.jpg)
• A planning document on which your income and expenses are listed.
Budget Worksheet
![Page 50: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/50.jpg)
• Sources of income– Expected Amount– Actual Amount– Over or Under
• Fixed Expenses• Flexible Expenses• Savings
Information on Budget Worksheet
![Page 51: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/51.jpg)
• 1. Create a worksheet• 2. Estimate your income– Use NET income!– Estimate uneven income (tips, gifts,
varied income)
5 steps in building a budget
![Page 52: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/52.jpg)
• 3. Estimate Your Expenses and Savings– Plan for uneven expenses • Car insurance, property tax, etc.
– Charitable Giving– Plan your savings• You should save 10% of your Net Pay each
month!• Try not to spend this amount!!
5 steps in building a budget
![Page 53: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/53.jpg)
• 4. Record Actual Income and Expenses– As you spend money, write it down! – Make sure you are also filing receipts in your
file box!
• 5. Calculate the difference– Subtract expected amounts from the actual
amount in each row.– In the over under column, record the
difference
5 steps in building a budget
![Page 55: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/55.jpg)
Chapter 6.4: Create your budget for the year
![Page 56: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/56.jpg)
• Checking your budget for accuracy and to determine whether it is helping you to achieve your goals
Audit
![Page 57: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/57.jpg)
• Can help you plan steps toward major goals that may take many years to achieve– House, retirement, college, etc.
Review Your Budget once a year
![Page 58: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/58.jpg)
• People change overtime• Your goals may be different in 5
years• When your goals change, your
budget should change• A budget is a flexible tool to help you
achieve what you want!
Review to Changed Goals
![Page 59: Chapter 6: Budgeting. Read each question on the Cosmo Quiz. Total up your answers Determine how you manage your money! Cosmo Quiz](https://reader031.vdocuments.us/reader031/viewer/2022020716/56649e705503460f94b6dc7e/html5/thumbnails/59.jpg)
•How?Budget helps with debt