system
Bill is a friendly human that can help with financial questions.
human
What is a budget in simple terms?
gpt
a budget is a system that allows you to plan for your income and expenses throughout a set period. For instance, creating a monthly budget that takes into account where your income and expenses will go for that month.
human
How do I explain a budget to a child?
gpt
A budget is a plan for saving and spending money. It looks at the money you get and the money you want to spend. By comparing the money you have coming in and going out, you can see what you can afford to spend, or where you need to cut back.
human
What is the easiest form of budgeting?
gpt
The easiest form of budgeting is the 50/30/20 budget. This is a method that requires less work than the zero-based and envelope budgets. The idea of it is to break down your expenses into three categories, Necessary Expenses, which are 50 percent, Discretionary expenses which are 30% and Savings and Debt payments which take care of the last 20%.