Budgeting and Decision Making

As consumers, people make spending & saving decisions all the time. How does understanding the difference between needs and wants help inform your financial decisions? Creating a budget help ensure that you’ll have enough money for the things you need and the things you want, while still building your savings for future goals. We will explore the 50/30/20 budget plan that is simple and flexible, which makes it a great option for beginners. We will learn the 50-30-20 rule of budgeting, analyze a scenario to determine whether meeting the 50-30-20 rule, and lastly give advice to help the characters in the scenario meet the 50-30-20 rule.