This webinar begins by touching upon the fundamentals of planning household and personal expenditures, gross versus net income, needs versus wants, fixed versus variable versus periodic expenses, balancing a checkbook register, and financial goal setting.
These discussions are followed by a debunking of five common myths that individuals use to justify their lack of a budget. These myths include not budgeting because 1) the individual “just needs more money,” 2) budgets are too restrictive, 3) budgets are the same as balancing a checkbook, 4) the individual doesn’t have enough spare time to budget, and 5) the individual did not cause their financial problems and thus are not responsible for fixing them.
Next, a dialogue follows regarding eight common “budget busters,” which are items or services for which we regularly spend small amounts of money that can add up to large sums in the long run. Examples include fast food, entertainment, cable or satellite television, tobacco, lawn care, cell phone extras, and lottery tickets.
The presentation concludes with a conversation about other important financial habits and behaviors, including record keeping, savings strategies, discussing finances with a spouse and with children, and using a menu with corresponding shopping lists.