Househould Budgets (Junior Cert Home Economics): Flashcards
📚Flashcards
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Practise the cards
15 cards from this deck
Definition of budgeting
Definition of budgeting
Planning how you spend money - needs before wants
Purpose of a budget
Purpose of a budget
Pay essential expenses before non-essentials & save
Timeframes budgets can cover
Timeframes budgets can cover
Weekly, monthly, or yearly
Budgeting advantage: stress
Budgeting advantage: stress
Reduces stress - essentials like rent & bills are paid
Budgeting advantage: spending
Budgeting advantage: spending
Helps avoid overspending on non-essentials
Budgeting advantage: waste
Budgeting advantage: waste
Shows where money is wasted & where savings can be made
% of budget for housing
% of budget for housing
25%
% of budget for groceries
% of budget for groceries
25%
% of budget for household expenses
% of budget for household expenses
15%
% of budget for education/childcare
% of budget for education/childcare
10%
% of budget for savings
% of budget for savings
5%
Step 1: Five-Step Money Management
Step 1: Five-Step Money Management
Set a goal
Step 3: Five-Step Money Management
Step 3: Five-Step Money Management
Plan - list income/expenses & prioritise essentials first
Resources in money management
Resources in money management
Money, time, knowledge, or skills
What is MABS
What is MABS
Money Advice & Budgeting Service - free government help for budgeting & debt