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How to Budget: What is a Budget?

<< Back to Introduction  How to budget. Celtic Bolg (Bag)The word Budget comes from the Celtic (Irish) word ‘bolg’ which means bag.  Think of a budget as a bag that holds all the money you have, now you need to figure out how to spend it properly without wasting any. You need this money to pay for many things in life, and you need to think carefully about how you spend every penny. Once all the money in your bag is spent, there is nothing more there.  

Grandma recalled the farmer’s wife, Edna. You see, Edna loved spending money. In fact, she would often say “Shopping makes me happy”. Jonah, her husband, would work really hard around the farm and Edna would spend the money.  How to Budget. Edna loves shopping.  How to Budget.  Edna spends all her money.One day, Jonah gave Edna a bag with 20 coins in it and said “Edna, spend this wisely because we will need it.” Edna nodded her head, but all she could think about was the beautiful new scarf she had recently seen at the shop. Now, Edna already had plenty of scarves, but shopping made her happy. So she went to the store and bought the scarf for 15 coins, she then bought a slice of cake for 2 coins, and bought some fresh flowers with the remaining 3 coins.  How to Budget.  Landlord comes to collect rent

When Jonah was finished working for the day, he was quite hungry. He looked on the stove and in the oven but there was no food waiting for him. Just as he closed the oven, the evil landlord Baron Von Greedybags, loudly knocked on the door looking for his rent payment.

Jonah and Edna’s rent was 5 coins every month. Jonah had just given Edna 20 coins but he couldn’t find the bag, and he couldn’t find Edna. Now, the horrible landlord was standing in the door, waiting to collect his rent.  How to Budget. Edna with new scarf and bouquetJust then, Edna walked in with a bouquet of flowers in her hand and a new scarf on her head. “Edna, the landlord is here to collect the rent and we have no food on the stove” said Jonah.

“Oh Jonah! You know how shopping makes me happy? Well, I bought myself this new scarf and these beautiful flowers for our home. I was hungry after all of that, so I ate a delicious slice of cake at the expensive café!” exclaimed Edna

Jonah was quite angry. “Edna, I asked you to spend that wisely because we were going to need it. How will I pay the landlord for the rent? And what will we eat for dinner tonight?” How to Budget. Edna crying because she spent all the moneyEdna knew she had goofed up and didn’t know what to say. She just put her head down and started to cry. 

“Oh Edna! Crying won’t help us pay the rent. You really have to learn to budget!” said Jonah. 

Continue to Understand your Expenses >>


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