ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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multiply your income by 80 percent.
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keep a record of every amount you spend for one month.
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ask your friends how much they spend.
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ask your parents how much you should spend.
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Detailed explanation-1: -To get the average, add up the amount of money spent for 12 consecutive months, then divide by 12. This will give an average of how much has been spent per month. Calculating average monthly expenses requires actual or estimated figures for all monthly costs.
Detailed explanation-2: -Understanding your budget for monthly expenses not only helps to limit overspending but also can help you reach your financial goals. Once you know where your money is going, this can help you determine how much of your income to save each month.
Detailed explanation-3: -Using credit card statements and bank statements at the end of the month, fill in any missed receipts in the final expense numbers. Create a Monthly Spending Summary sheet each month with expense numbers. You can calculate totals using pen/paper or by using a spreadsheet program to make a chart of your expenses.