Explain why the video suggests using present dollars when budgeting, rather than predicting future income.

The video suggests using present dollars because you can only allocate money you currently have. You can't budget money you don't yet possess.

List the five categories the video suggests for organizing your expenses.

The five categories are Essentials, Security, Goals, Lifestyle, and Discretionary.

Savings with explicit purposes are harder to steal from, meaning you are less likely to spend them on non-essential items.

Name: What are Budget, Savings, and Credit?
Author: Insta~Lesson

8th Grade · Math · 39 min

I can define key financial terms like budget, savings, and credit.

1
A budget is like a battle plan for your money, where you assign every dollar a job to do.
2
When creating a budget, it is helpful to categorize your expenses into 5 categories: essentials, security, goals, lifestyle, and discretionary.
3
To make your budget stick, you should write it down, update it regularly, and use budgeting apps to track your spending.

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