The key to a successful budget is balance. If you spend more than you make, then managing your money will become quite the challenge.
Watch the video to learn more about Balancing Income vs. Expenses, then test your knowledge at the end of the lesson.
If expenses are higher than your total income, you can increase cash flow by:
A. Cooking more meals at home
B. Cancelling streaming services
C. Taking on part-time work
D. All of the above
How much of your take-home pay should expenses take up?
A. No more than 20%
B. No more than 50%
C. No more than 75%
D. Expenses should equal your income exactly
It’s a good idea to set aside about 5% to 10% of the money you bring in every month for savings.
A. True
B. False