ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Start tracking all of the money you spend for a period of time, usually a month, so that you have an understand of where your money goes.
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Automatically deposit money into a savings account with each paycheck.
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Pay your credit card balance(s) in full each month.
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Curbing your spending on incidental items such as dining out or entertainment.
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Detailed explanation-1: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.
Detailed explanation-2: -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.
Detailed explanation-3: -Calculate your net income. List monthly expenses. Label fixed and variable expenses. Determine average monthly costs for each expense. Make adjustments.