ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Budget
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Net Worth
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Expense
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The Five Foundations
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Detailed explanation-1: -A spending plan (a.k.a., budget) is a plan for spending and saving money in the future. In other words, a projection of what you will earn (income) and where the money will go (savings and household expenses). A spending plan provides direction for future spending so there is enough income to pay expenses.
Detailed explanation-2: -Calculate your monthly income, pick a budgeting method and monitor your progress. Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment. More items •02-Dec-2022
Detailed explanation-3: -Download a personal finance app. Take on meal planning and cook at home. Use shopping lists. Cancel cable TV and trim entertainment costs. Reduce your electricity usage. Invest in smart home tech and save. Purchase refurbished and used items.