ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Right now-it’s never too early!
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Once you have a job with an income
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When you decide it’s time to buy a car
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When you start researching colleges and the costs that come along with it
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Detailed explanation-1: -In whatever form it takes, a budget helps you maintain or adjust your financial habits so you can achieve goals such as paying your bills on time, buying a house or stashing money for retirement. The best time to start budgeting is as soon as you possibly can.
Detailed explanation-2: -Calculate your monthly income The first step when building a monthly budget is to determine how much money you make each month. This will set the limit for how much you can spend (and save) each month.
Detailed explanation-3: -The key to creating a successful budget is to add up all of your revenue sources over a 12-month period, forecast your expenses to estimate your profit (the difference between your revenue and costs), and frequently review your budget through monitoring monthly.
Detailed explanation-4: -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.