21345840
Description
Mind Map by Fiona Boylan, updated more than 1 year ago
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Created by Fiona Boylan
about 4 years ago
|
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why people prepare a budget
- To live within their
means
- E.G if income is expected to be 300
for the month it sets a limit for
spending
- E.G if income is expected to be 300
for the month it sets a limit for
spending
- Think about their spending
- They will need to consider the
type,timing and the amount of
that spending
- They will need to consider the
type,timing and the amount of
that spending
- Identify months when there's a lot
of bills/expenses
- they can try spread these
payments out of several
months or borrow funds
- they can try spread these
payments out of several
months or borrow funds
- plan for large items
- they plan and save for future
expenditure such as a holiday
- they plan and save for future
expenditure such as a holiday
- illustrate the
estimated monthly
net cash position
- when it's completed it will
illustrate the net cash for
the household.
- when it's completed it will
illustrate the net cash for
the household.
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