ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The next time you think about your bills, expenses and obligations, factor savings into your budget as an expense category and pay yourself first. Regardless of how you save or what kind of account you put your saved money into, make the choice to give yourself money to spend later.

Detailed explanation-2: -It’s a proactive approach to organizing your finances. Budgeting ensures you’re not spending more than you’re making, allowing you to plan for short-and long-term expenses. It’s an easy, helpful way for people with all types of income and expenses to keep their finances in order.

Detailed explanation-3: -The idea is to follow the “Income – Savings = Expenses” principle, which requires you to develop the discipline to save first before spending. When you set aside money from the get-go, magic happens. You learn to work with the money you have, while the rest is safely stored in your savings.

Detailed explanation-4: -Housing. Whether you own your own home or pay rent, the cost of housing is likely your biggest monthly expense. Utilities. Vehicles and transportation costs. Gas. Groceries, toiletries and other essential items. Internet, cable and streaming services. Cellphone. Debt payments. More items •26-Sept-2022