ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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financial goals, current expenses, and income.
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mostly income.
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creative ways to spend your money.
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mostly your goals.
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Detailed explanation-1: -In order to decide how you should spend your money, consider how your expenses fall into the following two categories: needs and wants. Needs are items you cannot live without. These may include rent, groceries, and health insurance. Wants are items that are not necessary but may make life more pleasant.
Detailed explanation-2: -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.
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
Detailed explanation-4: -Record your income. Add up your expenses. Set your spending limit. Set your savings goal. Adjust your budget. Make budgeting easier.