ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc. When it comes to managing money, success is about 80% head knowledge and 20% behavior.

Detailed explanation-2: -When it comes to being good with money, I have found that behaviours are far more important than knowledge. Sure, a base level of knowledge is important such as smart ways to invest and where to keep an emergency fund. But this knowledge will not get you far if you can’t implement it.

Detailed explanation-3: -One of the most important skills in learning how to manage your money is budgeting. Having a budget means thinking carefully about where you need to spend, and then dividing it up on different “expenses”.

Detailed explanation-4: -What was Dave’s biggest lesson when it came to managing money and building wealth? Spend less than you earn.

Detailed explanation-5: -Make a personal budget. Track your spending. Save for retirement. Save for emergencies. Plan to pay off debt. Establish good credit habits. Improve your money mindset.