So, budgeting is a powerful tool to manage your money, but what factors influence a budget? 🤔

Knowing how much you make is the first step in creating a budget!

This could be chore money, allowances, job income, or even side hustles 💼

This stat is known as. . .

💡Income = the money coming in, often from work or other sources, like investments or a side hustle 📈

As money comes in, some goes out 💵 This tells us. . .

💡Expenses = all the things you spend money on, like school supplies, snacks, and entertainment.

Then you have your 💡Time Frame💡

Your budget should cover a specific period of time, like a month or a year. 📅

You can create a monthly budget to track your day-to-day spending or a yearly budget to plan for big expenses like vacations or holidays. 📅

After you have a time frame, it’s always good to have some cash saved 🤔

💡Savings = money you have stored away safely, that you don’t intend to spend soon

Saving money can help you reach your financial goals and provide a safety net in case of emergencies. 💳

And last but not least, a budget should account for debt.

💡Debt = money you owe, like credit card debt or student loans, you should include debt repayment in your budget.

Paying off debt should be a priority, so make sure you allocate enough money each month to make progress.💸