Problem:
Go to the website of Practical Money Skills for Life.
Click on at Home, and then click on Budgeting. Click on the Budget Calculator and create a personal budget, using fictitious numbers if you wish. You may also use any of the other tools that are available at this site. Change one or more of the income and expense numbers in your budget and determine the impact of the change(s).
What surprised you, if anything, in the budget(s) that you prepared? What changes, if any, would you make in the personal activities that are under your control, based on the budget(s) that you prepared? Do you think it is more important for a business to have a budget than it is for an individual to have a budget? Why or why not?