ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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too much money
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too much credit
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too many expenses
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None of the above
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Detailed explanation-1: -A high account balance also has the potential to lower your credit score, which may make it more difficult to secure additional credit. Overspending can also have personal and social consequences. Carrying debt can contribute to stress and anxiety, affecting your relationships and mental health.
Detailed explanation-2: -In short, the most common consequences of not budgeting include a lack of savings, less financial security, out of control spending, a higher likelihood of going into debt, and more financial stress.
Detailed explanation-3: -The 50/30/20 rule is a general benchmark for determining whether or not you’re spending too much. According to this rule, 50% of your spending should be for your necessities in the bills and life category, like rent, food, transportation, health care, utilities, and student loan payments.
Detailed explanation-4: -You’re Making Impulse Purchases. You’re Maxing Out Your Credit Cards. You Can’t Afford to Pay Your Bills in Full. Your Credit Score Decreased. You Don’t Save Money. 22-Jul-2022