ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The purpose of a household budget is to summarize what you earn against what you spend to help you plan for long and short-term goals. Using a budgeting spreadsheet can help make your financial health a priority by keeping spending in check and savings on the rise!

Detailed explanation-2: -Personal budgets apply to how you spend your personal income. Typical budget categories might include housing, utilities, groceries, and transportation. For a personal budget, most people try to reduce debt such as loans and credit cards, and may emphasize saving for retirement or emergency funds.

Detailed explanation-3: -Income. The first element of your budget should be income. Expenses. The second element of budgeting is expenses. Savings. The third element of a budget is savings. Debt Payments. Assets. 23-Jan-2023

Detailed explanation-4: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.