ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The main bills you should pay first are grocery/food, child care, and essential medicine. These items should be your first priority. Although they are necessities, it’s important to be mindful of these expenses and keep them to a minimum. For example, look for opportunities to save money at the grocery store.

Detailed explanation-2: -Create a mini binder to store bills and keep track of due dates. Divide the binder into five weekly sections and as soon as a bill comes in, stick it in the week when you need to send it out. Each Sunday, gather the bills that need to be paid that week and send them out.

Detailed explanation-3: -High priority: Rent, water and lights, groceries, taxi transport, bank charges, medicine, cell phone contract, instalment on DVD player. Low priority: Clothing, satellite TV subscription, magazines, entertainment. Calculate the total cost of his variable expenses.

Detailed explanation-4: -Mortgage or Rent Payments. Utilities. Insurance Premiums. Food and Other Living Essentials. Car and Work-Related Expenses. Credit Cards and Unsecured Debts. Student Loans.