ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Exactly $20
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Between $10 and $30
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Nothing
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$20 or less
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Detailed explanation-1: -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-2: -Sleep on big purchases. If it’s not something you need, take a week to think on it. Never spend more than you have. Stick to a lower credit card limit. Budget to zero. Try a no-spend challenge. Stop paying for fees. Plan your meals. Do your grocery shopping online. More items
Detailed explanation-3: -Calculate your monthly income, pick a budgeting method and monitor your progress. Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment. More items •02-Dec-2022
Detailed explanation-4: -At the beginning of the month, make a plan for how you will spend your money that month. Write what you think you will earn and spend. Write down what you spend. At the end of the month, see if you spent what you planned. Use the information to help you plan the next month’s budget.