Financial Literacy Budgeting

A plan that helps you manage your money

A plan that helps you spend all your money

A plan that helps you avoid saving money

A plan that helps you borrow money

To spend all your money on everything you want

To prioritize your expenses and make smart decisions

To borrow money from others

To run out of money quickly

The money you owe to someone else

The money you save for your goals

The money you earn or receive from different sources

The money you spend on different things

The things you want to borrow money for

The things you want to do or have with your money

The things you want to avoid spending money on

The things you want to give away for free

By borrowing money without a clear plan for repaying

By spending more than you earn

By damaging your credit score

By paying off your bills on time

Listing wants

Analyzing spending habits

Calculating after-tax income

Determining savings goals

20%

30%

59%

50%

Groceries

Car insurance

Electricity bill

Gym membership

$3,000

$1,780

$795

$460

Lack of savings goals

Insufficient after-tax income

Overspending on wants

Overspending on needs

Increase grocery spending

Get a more expensive car

Upgrade to a fancier cell phone plan

Rent a smaller apartment

50%

59%

20%

30%

Increased spending on wants

Higher credit score

Reduced stress

Improved financial security

To set savings goals

To modify lifestyle choices

To calculate after-tax income

To determine wants and needs

Avoid budgeting exercises

Ignore monthly savings targets

Rely on credit card statements

Track expenses before doing the math