What is a budget?

    Published: 06-16-2009
    Views: 16,421
    Financial expert Kandance Beamon explains what a budget is, a plan that allows you to save for the things you want to achieve in life and afford the day to day expenses.

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    ""< )$hHLLLLLLL b~e L0)L&LL"L-:B)$Kandance Beamon: My name is Kandance Beamon. I am with Signal Financial Federal Credit Union. Throughout the video you have been learning how to get out of debt. In this segment of the video we will be discussing budgeting. You will be learning the importance of a budget, maintaining positive cash flow and setting financial goals. Before we get started, let me tell you a little bit about me. I have been in the Credit Union Industry for the past four years. In my latest roll, I have been working in the community providing financial literacy education throughout the Washington D.

    C. area.

    Host: What is a budget?

    Kandance Beamon: A budget simply put is a way to help you achieve your financial dream. It is a plan that's put into place that allows you to save for all of those things that you want to achieve in life but yet making sure that the day-to-day expenses are covered. A budget should be structured, it should also be flexible. It should not be so stringent so that point that you don't allow for change because things in life happen, emergencies happen and so you have to be flexible with your budget. However, your budget should not be so loose that it becomes ineffective.

    A budget is also a way to help you eliminate wasteful spending. So, that if you find that there are areas that you are spending too much money on when you go through the process of putting together a budget, it helps you to evaluate those areas and make the necessary changes in order to achieve those financial dreams. A budget should also be called I like to call it a spending plan because it allows you to achieve all of those things in life that you want to achieve. We all work very hard. We all want nice things in life and with the spending plan it's a way to help you achieve those things and to enjoy the money that you work day-to-day for. JK'-"GHIJkz"$126BEPT"(c)CS[wzu-#36;3/4 h^CJOJQJhoDyCJOJQJh9CJOJQJhvhvCJOJQJhvCJOJQJhbCJOJQJh)?

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