ECONOMICS
BUDGETING
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[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -So, maybe you’ve got an irregular income-meaning you don’t make the same amount of money every paycheck. If that’s you, you aren’t alone. Plenty of people work hourly or commission-based jobs or have side gigs that change up their income every month. But you can-and should-budget every month, irregular income or not.
Detailed explanation-2: -Setting budget percentages That rule suggests you should spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings and paying off debt. While this may work for some, it’s often better to start with a more detailed categorizing of expenses to get a better handle on your spending.
Detailed explanation-3: -Irregular expenses are those bills that you only pay once per quarter, once per year, or on an as-needed basis. Because you seldom think about them, it’s easy to forget about them until they’re due-and you have to scramble to come up with the cash to pay them.
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.