ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To have a ____ at the end of the month, I have to make sure I don’t spend more than I earn and have some money to save at the end of the month.
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Income
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Expense
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Balanced Budget
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Savings
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Explanation:
Detailed explanation-1: -The 50/30/20 rule of budgeting is a simple method that helps you manage your money more effectively. This basic thumb rule is to divide your post-tax income into three spending categories – 50% for needs, 30% for wants, and 20% for savings.
Detailed explanation-2: -The term overspending is also used for investment projects when payments exceed actual calculated cost.
Detailed explanation-3: -Spending less than you earn is one of the most important financial concepts to understand and live by. If you don’t live on less than you earn, you will never get ahead. Spending less than you earn may take some initial life changes, but the longer you do it, the easier it is to continue doing it.
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