ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Keep Track, Save Money Only 32% of U.S. households prepare a monthly budget.

Detailed explanation-2: -Budgeting ensures you’re not spending more than you’re making, allowing you to plan for short-and long-term expenses. It’s an easy, helpful way for people with all types of income and expenses to keep their finances in order.

Detailed explanation-3: -It’s important to build regular saving and investment contributions into your budget. If you set aside a portion of your earnings each month to contribute to your individual retirement account (IRA), 401(k), or other retirement funds, you’ll eventually build a nice nest egg.

Detailed explanation-4: -3 in 5 Americans Don’t Know What They Spent Last Month For some it may be easier to avoid their finances altogether than stress about a budget. Others may feel they simply don’t need to budget. It’s possible that those not tracking their spending don’t do so simply because they don’t feel it’s necessary.