ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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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: -1. Create and stick to a budget. Not only is budgeting one of the top financial goals people set each new year, but it’s also the foundation you should build all your other money goals on. A budget is how you make progress with your money.
Detailed explanation-3: -Having a goal in mind for your budget is important when you decide how much money to set aside and how much to spend. It is also important to know exactly where your money comes from, and know how much you are bringing in.
Detailed explanation-4: -Generally, the bills you should pay first are the ones that cover necessities-the main resources that keep you and your family safe and healthy. These necessities include shelter, water, heat and food.
Detailed explanation-5: -List and prioritize your financial goals. Take care of the financial basics. Connect each financial goal to a deeper motivation. Make a financial plan to reach your financial goals. Revisit your financial goals regularly.