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FINANCIAL LITERACYLESSON 925 ? BUDGETINGLEARNING GOALS/OUTCOMES Identify various sources of income. Identify common types of expenses. Create a hypothetical one-year budget to manage personal income
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How to fill out budgeting and goal setting

01
Create a list of all sources of income.
02
List down all expenses including fixed and variable expenses.
03
Set financial goals for short-term and long-term objectives.
04
Create a budget plan to allocate income to expenses and savings accordingly.
05
Monitor and track expenses regularly to ensure staying within budget.

Who needs budgeting and goal setting?

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Anyone who wants to take control of their finances.
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Individuals who want to save money for specific goals like buying a house or saving for retirement.
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Businesses looking to manage their expenses and increase profits.
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Students or young adults looking to develop good financial habits.
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Anyone experiencing financial difficulties and looking to improve their financial situation.

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Budgeting is the process of creating a plan to spend money based on income and expenses. Goal setting is the act of identifying specific objectives to work towards.
Individuals, businesses, organizations, and governments may all be required to file budgeting and goal setting depending on their financial responsibilities.
Budgeting and goal setting can be filled out by listing income sources, categorizing expenses, setting financial objectives, and creating a plan to achieve those goals.
The purpose of budgeting and goal setting is to help individuals and organizations manage their finances effectively, track progress towards objectives, and make informed financial decisions.
Information such as income sources, expenses, savings goals, debt obligations, and progress towards financial objectives must be reported on budgeting and goal setting.
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