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How to Budget: Understand your Expenses

<<Back to What is a Budget?

Jonah sat down with Edna to help her create a budget. 

The first step to making a budget is to understand how you currently spend all your money.

Edna wrote down what she spent her money on:

ExplorerHop.com  How to Budget. Edna's list “Oh Edna! Did you not think about food or a roof over our heads?” exclaimed Jonah. 

 

The second step is to ask yourself if these expenses were really needed or not.

So, Edna added another column on her list showing whether she needed these items or not.

ExplorerHop.com  How to Budget.  Edna's list showing what is neededEdna looked at the list and was feeling even sillier about how she had spent the money now.

 

The third step is to ask yourself if you became happyr by doing any of these things. Edna added emojis to her list now. Buying the scarf really didn’t make her as happy as she thought it would because she already had so many of them. The flowers were nice but she would rather have had a chicken for dinner. As for the slice of cake, she really did enjoy that.

ExplorerHop.com  How to budget.  Edna't list showing if it made her happy

 

ExplorerHop.com  How to budget. Edna sad at the way she spent money.Edna looked at the list now, it was obvious to her that she had wasted 18 coins on things she didn’t need and didn’t really enjoy. 

 

Continue to Identifying your Real Needs >>

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