Household and Personal Budgeting Guide
Discover the importance of household and personal budgeting with insights on managing expenses, distinguishing between wants and needs, and real-life budgeting examples. Explore tips on creating effective budget plans to achieve your financial goals.
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Presentation Transcript
- BUDGETING
BUDGETING What is household budgeting? What is personal budgeting? Budgeting | 2
HOUSEHOLD AND PERSONAL BUDGETING Personal budget: The plan for earning and spending for an individual Household budget: The plan for earning and spending for a family/household Budgeting | 3
WHATS IN A HOUSEHOLD BUDGET? Rent/mortgage Bills water, electricity, gas, council tax, etc. Food grocery, take aways, etc. Entertainment Netflix, games, etc. Clothing Budgeting | 4
WANT OR NEED? Are these items wants or needs? New trainers Take away food Cinema trip Bus ticket to college Mortgage/rent payment Grocery shopping New haircut Budgeting | 5
DEVONS STORY Devon has started a new job as a waiter. He works different shift patterns which means he can t take the same bus everyday. The buses in his local area are not very regular, so sometimes he has to get to work an hour early or he ll be late. He has started to budget to reduce his spending on things that aren t personal needs to help him save for a bike. If he manages to save for one, his journey time will only be 5 minutes longer and he won t have to get to work so early or risk being late! Budgeting | 6
SUPPORT ORGANISATIONS Budgeting | 7
