Budgeting is the foundation of personal financial planning. Budgeting allows us to manage our money by tracking our income and expenses. Since every person is different, it is important to know how to create a budget that can be used for our own specific needs. Students put this into practice via Reality Check, a simulation that requires students to live within their monthly salary while creating a realistic budget based on a series of choices such as housing, transportation, clothing and food.
- Understand the primary components of a budget and how one can be created/ maintained
- Understand the different types of income and how taxes apply
- Understand how to budget for expenses and the difference between variable and fixed expenses
- Understand how short-term and long-term financial goals are set and utilized
- Learn tips to keeping your budget relevant