ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You can plan for saving money.
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You can see where you need to adjust your spending
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You can see how other households are spending their time.
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You can make sure your household is not spending more than it is earning.
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You are in control of your money.
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Detailed explanation-1: -Helps You Work Toward Long-Term Goals. Can Keep You from Overspending. Can Make Retirement Saving Easier. Helps You Prepare for Emergencies. Can Reveal Spending Habits. The Bottom Line.
Detailed explanation-2: -Creating a budget helps you understand where your money is going each month and also allows you to develop a plan for saving. By having a household budget in place, you can easily track your spending, save, and more easily monitor and reach your financial goals.
Detailed explanation-3: -A budget is a guide that keeps you on the path to reach your financial goals. Budgeting keeps your finances under control, shows when you need to make adjustments to your spending, and helps you decide where your money goes instead of wondering where it all went.
Detailed explanation-4: -As a starting point, we favour the 50/30/20 budget. It distributes your earnings in three ways: 50% goes on necessities like food, housing, essential utilities, transportation, insurance, child care, and minimum loan payments. 30% goes into wants like travel, presents, and eating out.
Detailed explanation-5: -Gives you control over your money. Helps you focus on your financial goals. Keeps you on top of what you’re spending. Makes it easier to stay aware of your savings and debts. More items