Money Basics: Budgeting Made Simple

Understand your income, expenses, and spending habits.

• Identify your income sources
• Track your expenses for one week
• Distinguish between needs and wants

1. What is Income? 4 min
2. Tracking Expenses 5 min
3. Needs vs Wants 5 min

Create a basic budget using the 50/30/20 rule.

• Apply the 50/30/20 rule to your budget
• Identify fixed and variable costs
• Create a one-page budget

1. The 50/30/20 Rule 5 min
2. Fixed vs Variable Costs 5 min
3. Creating a One-Page Budget 4 min

Set up automatic transfers and reminders to simplify bill payments.

• Set up separate accounts for savings and expenses
• Schedule automatic transfers for bills and savings
• Set up bill reminders and avoid late fees

1. Separate Accounts 5 min
2. Automatic Transfers 5 min
3. Bill Reminders and Late Fees 5 min

Develop strategies for responsible spending and avoiding impulse purchases.

• Set a fun-money limit
• Use the impulse purchase waiting rule
• Review and cancel unnecessary subscriptions

1. Setting a Fun-Money Limit 4 min
2. Impulse Purchase Waiting Rule 5 min
3. Reviewing Subscriptions 5 min

Develop a starter emergency fund and small savings goals.

• Create a starter emergency fund
• Set small savings goals
• Understand what to do when overspending

1. Creating a Starter Emergency Fund 5 min
2. Setting Small Savings Goals 5 min
3. What to Do When Overspending 5 min