ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is planned quickly
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It is practical
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It is rigid
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It is written and easily accessible
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Detailed explanation-1: -We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.
Detailed explanation-2: -A successful budget must bring together three major pillars – people, data and process. Gaps in any of these areas will decrease the accuracy of the final budget numbers.
Detailed explanation-3: -Has been measured against actual spending activities for a period of time (tracking) Is realistic for your situation. Allows for savings, especially for emergencies. Helps you work toward stated goals. Has “rewards” built into so that you aren’t depriving yourself. More items
Detailed explanation-4: -The family net income. Family needs. The nature of the capital expenditure planned for. The taste and value of the family. The number of dependant of the family or family size. The season of the year. Inflation.