Budgeting

What is Budgeting? – Budgeting is financial planning for the future

In the aspect of budgeting, there are a few terms such as fixed costs, variable costs, income,
and expenses:

Fixed Costs- Fixed costs require the same payment (rent, insurance, utilities)

Variable Costs- Variable costs vary across months (entertainment, gifts, savings) a lot
of your reduced spending will be variable costs

Income- The amount of money you earn

Expenses- The amount of money you spend

Personal Budget

To make a personal budget, you have to calculate the income and expenses, then total them.

Profit: 30$

Income Expence

Babysitting- 80$

Cell Phone Bill- 45$

Tennis Coaching-65$

Food (Restaurant)-55$

Allowance-20$

Entertainment (Movies, Outings, etc.)- 35$

Birthday Money-25$ 

Savings- 25$

Total: 190$

Total: 160$

The budget of United States

5 things I would change about the US budget

  1. In discretionary spending, I would make Education have a higher priority than Other
  2. I would limit the number of assets in which taxes are used, which would lead to lower taxes, and all the government would have to do is borrow a little bit more money
  3. I think Energy and Environment should have a higher budget compromising a few billion from transportation
  4. According to this budget, you spend everything you make, leaving you with a gain of 0$, so I would take out money from assets such as Other, so I could make a profit
  5. I would limit the number of tax breaks, because in 2015 the Us government lost 1.22 trillion, and this amount of money was more than all discretionary spending in the same year, so to conserve money, I would limit tax breaks