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Defining Budget Deficits

Defining Budget Deficits

When you spend more than you earn and the total amount of money that you're spending turns out to be more than the amount that you're brining in causes a budget deficit.

For example, if you spend $100 per week but earn less than that every week, that's a budget deficit. In addition, should you continue this kind of excessice spending, you will likely end up in debt.

Budget deficits can happen in both small and large scales (individual - nations).

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Reducing Budget Deficits with Governments

Reducing Budget Deficits with Governments

In order to reduce the budget deficits that's happening with the government, they can do the following:

  • Increase the taxes, particularly on the wealthy, as advocated by a large group in order to increase federal revenue therefore offsetting the deficit.
  • Stimulate economic growt...

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Guarding Against Budget Deficits

Guarding Against Budget Deficits

  • Keep tabs on how much money you earn each month. It's important to know how much you make so that you'll be able to plan out your expenses.
  • Make a checklist of your monthly expenses, down to the penny; and
  • Allocate budgets to spend for certain matters that match your income.

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Causes of Governmental Budget Deficits

Causes of Governmental Budget Deficits

  • Tax cuts (these decrease revenue)
  • Low Gross Domestic Product (GDP - the money that's being made in the country; it means that we're not making enough money domestically)
  • Poorly-designed tax structures that under-tax high-earn...

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The Causes of a Budget Deficit

The Causes of a Budget Deficit

The main cause of a budget deficit is: spending more than what you're making!

However, when it comes to large scale-spending, like how the government spends, it can be difficult to track due to low taxes and high spending.

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The Causes of a Budget Deficit

The Causes of a Budget Deficit

The main cause of a budget deficit is: spending more than what you're making!

However, when it comes to large scale-spending, like how the government spends, it can be difficult to track due to low taxes and high spending.

Sticking to a budget

Once a budget is set up, it is not always that easy to stick to it. But that doesn't mean you have to give up because you've failed once or twice.

  • Remember the big picture. A budget keeps you out of overwhelming debt and help you build to financial freedom.
  • ...

Create a holiday budget

Ask yourself what you think a realistic amount is to spend on gifts for yourself and others. It should be a number that you can realistically afford without dipping into your savings or creating credit card debt.

Then do your best to stick to your budget without getting ca...

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