ECONOMICS (CBSE/UGC NET)

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

Detailed explanation-2: -In fact, 73% of Americans say they don’t regularly follow a budget, according to a recent survey by OppLoans, a loan servicing company.

Detailed explanation-3: -Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment. Find out how this budgeting approach applies to your money.

Detailed explanation-4: -Why Is a Budget Important? A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home.