budgeting

Slide: 1
1.) Oh! So I can spend EXACTLY that much on my wants, needs, and savings?
2.) Well, you don't necessarily need to spend EXACTLY that much. It's also important to figure out if what you spend is a need, or a want.
3.) Okay, so I should start keeping track of what I am spending and where I am putting it. And I also need to start saving my money!
4.) Yes, very good! And a reminder, you can spend 50% for your needs, 30 for your discretionary expenses and 20% on your savings.
Slide: 2
1.) Alright, so now if I start saving and using the 50, 30, 20 rule, I can finally buy one of these houses?
2.) Yes! Now you can come back after a while once you have saved up the money.
Slide: 3
1.) Also, just so you know, when you pay your rent that would be an example of a fixed expense. And when you buy things like grocery's that you need, that would be a variable expense because the price changes every time. And finally, things that you want are discretionary expenses.
2.) Thank you! I now understand everything. I can now save in my budget but still spend using the 50, 30, 20 rule, and can save up to buy this house!
3.) Anytime! Come back when you have saved up! Goodbye!