How could a budget affect Becky's financial life? Please Explain.
It would cap her spending to a certain amount of time, so that she wouldn't be using "free money" life she is from the credit card companies. You always have to pay that back, plus the interest. This would make her spend less the first time around… causing much less debt later.
Question #3
I would divide her needs from wants simply by thinking about if what she is buying is a life necessity. If you are only buying things that you really need to life, not just to make you happy, you can really save a ton of money. Becky went overboard, buying things on impulse that would make her happy.
Needs
Food
Fitness
Housing
Necessary clothes (nothing overboard)
Wants
Designer clothes
Things to make her look good/rich/appealing
Things to make her feel good about herself... Insecurity
No, because everything that she needs are things that she needs to carry on with her life, being happy and saving money to be well off later in her life... Rather than spending a ton of money in her early years and ending up with tons of debt later.
Question #5
No, because you could not sell all of those things for the same price that she got them for at the store. Also, her paying off all of that debt that she has is unbelievable... Something with people hat have mass amounts of debt like that usually cannot do. Living the way she did is crazy, and it takes a lot more than she did to turn her life around. Love can do things like that to a person though.
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