*These questions have to be answered as you are a dental student. Thanks!*

Where do YOU want to go? What are Budgets? Cat: Where are you going? Estimate of future spending Estimate of future income Based on historical patterns should I go? Cat: That depends on where you are going. WADSNEYS Alice: I don't know Cat: Then it doesn't matter which way you go." Helps to define income and spending goals Every student should know their personal budget number -Lewis Carroll, Alice in Wonderland . How much does it cost you to live each month? 3 4 Personal Budgeting Budgeting in General (Know how much it costs you to live each month) Combine all of your sources of income- .Wages (earnings from employment) .Loan proceeds Budget = an estimate of income and expenditures for a set period of time Investments (passive income) * Gifts Percentage budgets work, numeric budgets do Divide your expenses into categories 1. Required expenses 2. Savings/investments 3. Housing (rent, utilities, maintenance, cleaning) 4. Food & household 5. Transportation (auto loans, gas, repairs, travel) 6. Clothing 7. Personal care (healthcare, grooming, gym, hobbies) 8. Insurance (life, medical, disability, auto, home) 9. Discretionary items not Business budgets vs. personal budgets destination is harder; budgets are maps widely accepted industry categories; personal If you don't have a map, getting to your In dentistry, budget expense items fall into 7 budgets comprise maybe 9 categories