ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It helps you gain a feeling of control over your money
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To make sure you are reaching your goals
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You will lose track of your spending
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To make sure you have time to manage your money
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Detailed explanation-1: -The main reason for giving pocket money is to help children learn to manage money while they are young and you can still guide them. It is a valuable way to teach responsibility. Pocket money can help children feel that they are important members of the family because they are given part of the family’s spending money.
Detailed explanation-2: -When you start managing your finances, you’ll have a better perspective of where and how you’re spending your money. This can help you keep within your budget, and even increase your savings. With good personal finance management, you’ll also learn to control your money so you can achieve your financial goals.
Detailed explanation-3: -Spending money wisely basically means getting the most for your money in line with what matters to you. This, in turn, helps you save more and puts you on the path to achieving your financial goals. Living a frugal lifestyle by using savvy ways to save money is an example of spending wisely.
Detailed explanation-4: -Track your spending to improve your finances. Create a realistic monthly budget. Build up your savings-even if it takes time. Pay your bills on time every month. Cut back on recurring charges. Save up cash to afford big purchases. Start an investment strategy. 28-Sept-2021