Benefits of a budget
Storyboard Text
- Slide: 1
- 1. Amy! I love your car! all I can afford is this old motorcycle. I've been trying to save up for a car, but I just can't get enough money. I don't know what's going on.
- 2. Oh, it's okay, Laura. I actually had the same problem, so I decided to go on a budget. And it turns out it actually helped me buy a car in a short amount of time!
- Slide: 2
- Well, they totally work! A budget can help you track your spending, and help you make changes to save more money. For example, before my budget, I was spending way too much money on eating out. I was able to start saving money by eating at home, and then I was able to put more money towards my car.
- Okay. I've heard about how budgets can help you, but I'm not sure I believe it.
- Slide: 3
- I made a budget document on my laptop, and tracked my spending there. With my budget, I learned about the 50/30/20 rule. That helps you spend 50% on needs, 30% on wants, and 20% on savings each month, or each paycheck. Eating out is a want, and after I recorded my spending, I noticed I was spending all of my 30% for wants just on food. You should try to stick to this plan and if you're going over the set amount for a category, you should probably re-arrange your spending to save money.
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