ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$1, 035 mortgage payment
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$550 air conditioner repair
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$15, 000 emergency room bill
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$150 monthly electricity bill
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$50 weekly groceries
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Detailed explanation-1: -A budget is a plan that shows you how you can spend your money every month. Making a budget can help you make sure you do not run out of money each month. A budget also will help you save money for your goals or for emergencies.
Detailed explanation-2: -Creating and maintaining a savings plan for unexpected expenses can help keep your finances on track when accidents and emergencies put a strain on your budget.
Detailed explanation-3: -Expected expenses are those that you know happen either weekly, monthly, quarterly or annually. Examples are groceries, electric bill, fuel bill, taxes and insurance to mention a few. Unexpected expenses are those expenses you did not see coming.
Detailed explanation-4: -Tap into your emergency fund. If you have enough cash on hand in your emergency fund, you can use some or all of it. Use a credit card. Borrow cash from family or friends. Ask for an advance at work. Get a personal loan. Pick up a short-term side gig. 28-Jun-2022