ECONOMICS
BUDGETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Needs and wants
|
|
|
Savings
|
|
|
Time management goals
|
|
|
Needs, wants, and savings
|
Detailed explanation-1: -How do you make a budget spreadsheet? Start by determining your take-home (net) income, then take a pulse on your current spending. Finally, apply the 50/30/20 rule: 50% toward needs, 30% toward wants and 20% toward savings and debt repayment.
Detailed explanation-2: -Some needs to consider are food, rent or mortgage, utilities, and other expenses. Transportation costs, insurance coverage, and any clothing and tools you need for work are included in this part of your budget. A want includes expenses that you can comfortably live without and is not essential for survival.
Detailed explanation-3: -Add up the monthly income you expect from all sources. Categorize and add up the monthly expenses you expect to pay. Subtract expenses from income. 19-Oct-2022