ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Money management is one of the most important parts of your financial life. Knowing how to how to budget, spend and save can help you reach your financial goals, get out of debt, and build your savings.

Detailed explanation-2: -Accounting helps to predict the financial performance and it helps to answer so many questions such as how much expenses have been incurred, how much income has and to been earned, what is the gross/net profit, what are all the assets and liabilities, how much investments have been made, etc.

Detailed explanation-3: -Getting in the habit of overspending and living outside your means can have a negative impact on your financial health, resulting in: A cycle of debt that can be difficult to break due to interest owed. An impossible environment to save for retirement as you try to keep up.

Detailed explanation-4: -Set Up Recurring Transfers This is an easy way to make sure that you are consistently putting money away for emergencies. All you need to do is set up a recurring transfer from your checking account to your savings or money market account.