ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Overspending
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Guilt
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Management by crisis
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All of the above
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Detailed explanation-1: -What does a written budget if followed remove from your finances? A Written budget, if followed, can remove overspending, guilt, and management by crisis spending.
Detailed explanation-2: -Put simply, a budget is “a plan for the coordination of resources and expenditures” ("Definition of BUDGET", 2021).
Detailed explanation-3: -Why do you need a written budget even when you know you can afford your expenses? A written budget is simply telling your money what to do and making it work for you. It eliminates over-spending in areas and helps you to manage your finances. A written budget will help you live within your means.
Detailed explanation-4: -An overdraft occurs when there is a transaction against your account that takes the balance below zero. This could be caused by a number of events: a check you wrote, a charge you made with your debit card, an automatic payment that processed, or your attempt to withdraw cash at an ATM.