Operation: Take Control of Your Money

Every successful mission starts with a plan. Your first assignment is to uncover where your money comes from, where it goes, and how to put every dollar to work. Master the basics of budgeting and build your first line of defense against financial chaos.

Module 1: Budget Basics

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📘 Lesson: Budget Basics

A budgetis a plan for your money. It helps you track your income— the money coming in — and your expenses— the money going out.

Some expenses are fixed, such as rent, insurance, or a phone bill. Other expenses can change from month to month, such as groceries, gas, entertainment, and eating out.

Your goal is to keep your income greater than or equal to your expenses while also making room for savings.

One helpful budgeting guideline is the 50/30/20 rule:50% for Needs, 30% for Wants, and 20% for Savings and Debt Goals.

Review your budget regularly and adjust it when your income, expenses, or financial goals change.

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🎯 Budget Basics Quiz

1) What is the first step in creating a budget?

2) Which of these is a fixed expense?

3) Which of the following is an example of income?

4) A budget helps you...

5) What should you do if your expenses are more than your income?

6) Why is saving part of a budget important?

7) How often should you review your budget?

8) Which tool can be used for budgeting?

9) Which is an example of a variable expense?

10) What is the 50/30/20 budgeting guideline?