Fuelling your body right

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Q5. What might a budget include?

Pick four relevant answers.

Bills

Yes, such as gas, electric, internet, water rates etc.

Food

Yes, this can be recorded in a range of ways from per-meal to bulk buying.

Entertainment

Correct, leisure may sometimes have a financial cost to it.

Rent

Yes, this amount may be one that is non-negotiable once agreed.

Other

You can make a separate note if you think of something else.

Test Case

You are giving advice to someone younger, who has asked why they should keep a budget?

Here are some responses. What makes them untrue?

Keeping a budget only helps when you have a lot of money coming in

A budget can be done with any amount of income and expenditure.

If you have a bank account, your records are your budget

Banks may not be able to document external transactions, such as cash received or reasons for cash withdrawals.

It is best for only adults to understand where their money is going

Understanding the value of money at an early age through budgeting can be an important life skill.

So what could you say?

Tracking your expenses makes you more responsible and efficient with money.

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