Personal Finance � Chapter 7 Budgeting 101

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					                 Personal Finance – Chapter 7 Budgeting 101

   1. Money is ________________.
   2. You must do a written ________________ ________________ plan every ________________.
   3. You must also keep your checkbook ________________.
   4. ________________ are a sign of crisis living and sloppy, lazy ________________ habits.
   5. Use ________________ checks if necessary.
   6. If not managed and made to behave, the ________________ card and the ________________
      card are certain to become budget busters.
   7. Reasons we don’t do a cash flow plan.
           a. Most people hate the word budget for four reasons:
                    i. It has a ________________ ________________ connotation.
                   ii. It have been used to ________________ them.
                  iii. They’ve never had a budget that ________________.
                  iv. Paralysis from ________________ of what they will find.
           b. Cash flow plans do not work when you:
                    i. ________________ things ________________.
                   ii. ________________ your plan.
                  iii. Don’t actually ________________ ________________.
                  iv. Don’t actually ________________ on it.
   8. Reasons we should do a cash flow plan.
           a. A written plan removes the “management by ________________” from your finances.
           b. ________________ money goes further.
           c. A written plan, if actually lived and agreed on, will remove many of the
              ________________ ________________ from your marriage.
           d. A written plan, if actually lived and agreed on, will remove much of the
              ________________ ________________ , and ________________ that may be part of
              buying necessities such as food and clothing.
           e. A written plan, if actually lived and agreed on, will remove many of the
              ________________ from your life, consequently removing a lot of ________________.
           f. A written plan, if actually lived and agreed on, will show if you are ________________
              on a certain area.



Free Response:
On average, I spend $_________ a week.

My three biggest expenses are:
1.
2.
3.

The easiest way for me to improve upon my spending habits (do a better job budgeting) would be to:

				
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