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Reflecting on… The Beauty of the Budget
LET’S PRACTICE
Name: _____________________________________________________________________________
Eloise and Gunnar: Budget Masters or Budget Busters?
Eloise and Gunnar are busy young professionals. They work long hours. Gunnar is climbing the career ladder at his gaming design company. Eloise owns a small fashion marketing business which now has a few employees. On the 1st and 15th of every month, they faithfully deposit their paychecks into their shared checking account. They don’t live extravagantly, but at the end of every month it’s the same old story: they’re low on funds. They wonder where their money goes and how they can have more control over it. They’ve come to you, a personal budget expert, with some questions about managing their finances. Your job: Help them understand the benefits of a budget! 1. What personal financial tool do you recommend for Gunnar and Eloise to measure and track their monthly income and expenses? _________________ 2. You explain to Gunnar that a budget helps you know how much money is coming ____ each month as income and how much is going ______ in expenses. Ideally, ________________ should exceed _________________; or at least break ________! 3. Eloise and Gunnar take you up on your recommendation and start to make a budget. Eloise wants to know how much they have coming in and going out each month. She’s also keen to understand their seasonal spending patterns . What do you recommend? Where can she find budget resources? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 4. The first thing Eloise and Gunnar should do is list their sources and amounts of income . Typically, what are these? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 271
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