I am doing this blog, because of what I have learned in HS101 at Spain Park High School for the 1st semester. We have covered the topics of Internet Safety, Financial Literacy, How to Get Into College, How to use Our Library, and How to Apply for a Job.

Thursday, November 3, 2011

Budget Basics

A budget is a formal plan that helps an individual track and control all of their income and expenses over a defined period of time in order to help them generate potential savings.

***IMPORTANT: IF YOU DON'T HOLD ON OR MAINTAIN A FORMAL BUDGET, YOU ARE MORE LIKELY TO FALL INTO DEBT!!!!!***
Reference: Time Maps Living on a Budget All Lessons 1, 2, and 3

Debt is money that is legally owed mainly to an individual or business.

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