ECONOMICS

Detailed explanation-1: -The three main elements, or parts, of a personal budget are income, expenditures, and savings. Each of the three elements plays a part in ensuring that a household operates and uses their income responsibly. Income is the money that comes from a job.

Detailed explanation-2: -At its core level, budgeting requires tracking five specific elements: income; expenses; savings; debt payments; and assets.

Detailed explanation-3: -It includes fixed cost, variable cost, capital costs, and non-operating expenses.

Detailed explanation-4: -And the internet is full of articles on the elements needed to create an effective budget: income, fixed expenses, variable expenses, and unplanned expenses. Those things are important, and plenty of financial experts can tell you how to incorporate them into a budget.