ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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prioritize your spending
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save your money
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open a bank account
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get a credit card
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Detailed explanation-1: -Why is It Important to Prioritize Needs Over Wants? Because if you don’t act wisely, your wants can make you lose control. Having wants is normal. We all have wants and when they are fulfilled, we feel happy.
Detailed explanation-2: -It’s important to know the difference between your needs vs wants. It allows you to reduce unnecessary spending to save more money. Both of these improve your financial position and help you achieve your long term goals faster!
Detailed explanation-3: -Some needs to consider are food, rent or mortgage, utilities, and other expenses. Transportation costs, insurance coverage, and any clothing and tools you need for work are included in this part of your budget. A want includes expenses that you can comfortably live without and is not essential for survival.
Detailed explanation-4: -List your needs and wants. Research the prices of your needs and wants. Cut all luxuries. Get multiple sources of income. Be sincere with yourself. 30-Oct-2020