ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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emergency expenses
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unplanned expenses next year
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expenses in five years
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all of the above
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Detailed explanation-1: -Saving money is a great place for consumers to start, or continue, to work on their finances. Using money that you’ve set aside to pay for unexpected expenses or to make a large purchase can help you avoid debt. And, knowing that you’re saving for long-term plans like college or retirement can give you peace of mind.
Detailed explanation-2: -First and foremost, saving money is important because it helps protect you in the event of a financial emergency. Additionally, saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom.
Detailed explanation-3: -It helps in emergencies. Emergencies are always unexpected. Cushions against sudden job loss. You may have a good job now, but what if you were to lose that job? Helps finance those big-ticket items and major life events. Limits debt. Helps prepare for retirement.
Detailed explanation-4: -Eliminate Your Debt. Set Savings Goals. Pay Yourself First. Stop Smoking. Take a “Staycation” Spend to Save. Utility Savings. Pack Your Lunch. More items