ECONOMICS
BUDGETING
Question
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Detailed explanation-1: -What does it mean to live within your means? Simply put, this means cutting your expenses so you have money left over at the end of each month. By carefully budgeting your expenses, you should have a significant amount of money left over each month.
Detailed explanation-2: -A budget is a plan for managing income and expenses over a set time frame. There are different types of budgets you can use to manage your money. Budgets can help you track spending and live within your means.
Detailed explanation-3: -Set Your Budget. Track Your Spending. Save Before Spending. Pay Down Debt. Pay with Cash or Debit. Plan Large Purchases to Avoid Impulse Spending. Wait for Sales. Ask for a Lower Price. More items
Detailed explanation-4: -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