ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Create a Statement of Financial Position
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Guess how much you spend in all your categories
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Talk to your boss about a raise
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Track Income and Expenses
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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: -The first step in building your spending plan requires you to write down your financial goals. One method of doing this is to think about what you want to achieve financially within a certain number of months.
Detailed explanation-3: -Decide on a time frame. If you receive financial aid, you may receive most of your income per semester. List all of your income. Anticipate your expenses. Evaluate your plan.
Detailed explanation-4: -Calculate your net income. The first step is to find out how much money you make each month. List monthly expenses. Next, you’ll want to put together a list of your monthly expenses. Label fixed and variable expenses. Determine average monthly cost for each expense. Make adjustments.
Detailed explanation-5: -Check your account statements. Categorize your expenses. Build your budget. The 50/30/20 budget calculator. Budgeting or expense-tracking apps. Explore other expense trackers. Identify room for change. 19-Oct-2022