Lexxus Gonzalez, Andrew Mora, Alli Weems February 12, 2019 What is Budgeting?A budget helps you keep track of your money. It is a plan on how you spend your money. It’s to make sure that you have enough money to get the things that you need and want. It also helps to keep you out of debt or help you get out of debt. There are many different types of budgeting like for a business, a normal type of budget and the 50/30/20 rule. Here are some different types of ways of budgeting that businesses usually use Master budget: A master budget is a total of a company’s or individual budget designed to give a clear picture of all financial activity and health. Operating budget: Is to create a picture of expenses in a certain time period, they are created on a weekly, monthly, and yearly basis. Cash flow budget: Is projecting how and when cash comes in and flows out of a business within a specific time period. Financial budget: Is a company’s strategy for managing it assets, cash flow, income and expenses Static budget: Is a fixed budget that stays unaltered regardless of changes in factors such as sales volume or revenue. These are considered the normal and easy ways of budgeting
There is a thing called the 50/30/20 rule, it’s another strategy on how to budget. The 50 is for needs like groceries, car payments, housing, ect. The 30 percent is for wants things that you want to have like entertainment, shopping, hobbies things like that. The 20 is for savings,which can be for short or long term goals or also in a case of emergency. Here are some budgeting tips for college students: For many college students, they are new to being on their own for the first time and if budgeting is not done well it could land someone in some serious debt. These tips aren't just for college students they can be for anybody looking to learn how to budget. It's good to start practicing or at least learning about how to budget so that when you want to move out of your parents house (like most teens want to do when they turn 18) you’re prepared to go do your own thing without getting stressed or overwhelmed.
The Most Recommended Household Budget Items: This is a list of important needs that should come first when budgeting.
Work cited
Staff, Motley Fool. “5 Types of Budgets for Businesses.” The Motley Fool, The Motley Fool, 8 Sept. 2015, www.fool.com/knowledge-center/5-types-of-budgets-for-businesses.aspx. “What Is Budgeting? What Is a Budget?” What Is Budgeting and Why Is It Important? | My Money Coach, www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting. “College in Colorado.” Budgeting For College | 10 Budgeting Tips For College Students | College Budgets, www.cicmoney101.org/Articles/Paying-For-College-10-Budgeting-Tips.aspx. Pant, Paula. “How to Manage Your Budget Using the 50/30/20 Budgeting Rule.” The Balance Small Business, The Balance, www.thebalance.com/the-50-30-20-rule-of-thumb-453922.
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