The factors that influence budgeting and savings decisions include: (Check ALL that apply) The total tuture income and expenses. Any financial goal for which you need to save money for in order to achieve. Unexpected life situations that impact your financial plan. All expenses whether they might be needs or wants.

## Step 1<br />The total true income and expenses: This is a fundamental factor in budgeting and savings decisions. The total income available and the total expenses incurred will determine how much money is left over for savings or how much needs to be cut back to meet savings goals.<br /><br />## Step 2<br />Any financial goal for which you need to save money for in order to achieve: Setting financial goals is a crucial part of budgeting and savings. Knowing what you want to achieve financially, whether it's buying a house, retirement, education, etc., will guide how you allocate your income and savings.<br /><br />## Step 3<br />Unexpected life situations that impact your financial plan: Life is unpredictable, and unexpected events like medical emergencies, job loss, or car repairs can significantly impact your financial plan. It's essential to budget for emergencies or have a savings cushion to handle such situations.<br /><br />## Step 4<br />All expenses whether they might be needs or wants: Differentiating between needs and wants is vital in budgeting. Needs are essential for survival and basic functioning, like rent, utilities, and groceries. Wants, on the other hand, are non-essential and are more discretionary. Both types of expenses should be accounted for in a comprehensive budget.