Your 2nd project for the course is to create a budget. As such, lets explore different methods for creating a budget. For this week's discussion, please do the following:

• Write 1 to 2 sentences explainingwhy a budget is important
• Select a preferred method for creating a budget and explain why you prefer that method

Here are some additional resources for different budget methods:

https://www.atypicalfinance.com/7-best-budgeting-methods/

https://www.nerdwallet.com/article/finance/how-to-choose-the-right-budget-system

https://www.lendingtree.com/student/simple-budget/

Rememberto do or keep in mind the following before responding:

1. Read Chapter 5
2. If you use an outside source in your reply, you should give credit to the source.
3. You must post an initial response before you reply to others and before you're able to see someone else's post
4. Please note the due dates at the top
5. You will not receive full credit if you don't respond before the due dates

Initial Post

Please submit your initial response by clicking on the word reply. Your initial response should answer all questions. You don't have to worry about the number of words, instead you should focus on answering the questions. However, you should submit your initial response on or before the due date of 4/26 to avoid losing points.

Reply Posts

On 2 separate days and before the due date of 4/30 by 11:59 PM, I want you to reply to 2 of your peers' responses by either agreeing or disagreeing with some aspect of their posts and providing an explanation as to why. You can reply to your peers by scrolling down to the bottom of your peers' responses and clicking the word reply.

Submission Instructions

Since this assignment is an open discussion, you should submit your responses to this discussion post as instructed above.

Rubric

This is a graded discussion worth 10 points. Review the discussion rubric by clicking on the Options icon (three vertical dots) located in the upper right of the discussion page. Then, click "Show Rubric" button. For easy access, I've outlined what's expected to receive exemplary status - full points for each discussion post (I'm sure you're most concerned with how to receive full credit for each discussion):

1. Contribute by the designated due date to group discussion questions by offering quality ideas with valid explanations and support.
2. Actively engage 2 peers on 2 separate days on or before the due date in group discussions by inviting their comments and/or asking relevant questions by constructively & respectfully challenging the accuracy and relevance of statements made.

Chapter 5: Financial Plans: Budgets: Key Calculations

"The Formula of Love"(Links to an external site.)byCapture Of Dreams(Links to an external site.)is licensed underCC BY-ND 2.0(Links to an external site.)

Key Calculations

Cash surplus or deficit

Total inflows - Total outflows = either a surplus (a positive number) or a deficit (a negative number)

Variance

Actual amount spent - Budgeted amount = Variance

https://www.flickr.com/photos/43220289@N07/4632436134

https://www.flickr.com/photos/43220289@N07

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