ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Housing, transportation, food
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Housing, utilities, food
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Housing, food, entertainment
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Housing, food, personal care
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Detailed explanation-1: -Housing (25-35 percent) Transportation (10-15 percent) Food (10-15 percent) Utilities (5-10 percent) Insurance (10-25 percent) Medical & Healthcare (5-10 percent) Saving, Investing, & Debt Payments (10-20 percent) Personal Spending (5-10 percent) More items •28-Feb-2023
Detailed explanation-2: -The largest expense for most Americans is housing. At $1, 050 per month, the cost of having a roof over our heads accounts for 21% of a household’s monthly budget.
Detailed explanation-3: -The budget items that are included in the basic family budgets are: housing, food, child care, transportation, health care, other necessities, and taxes.
Detailed explanation-4: -What is a family budget? A family budget is a game plan for your family’s money. Your plan identifies where and how your money comes and goes by focusing on income and expenses. Importantly, it also reflects your family’s goals and values by how you spend and save.
Detailed explanation-5: -50% toward needs, such as groceries, housing, basic utilities, transportation, insurance, child care and minimum loan payments. 30% toward wants, such as travel, gifts and meals out. 20% toward saving, for an emergency fund or for retirement, and debt repayment. 18-May-2021