Question

Unit: Personal Financial Management

Answer 1

The budget is important to plans one's expenses and prevent unnecessary spending.

What is a budget?

A budget simply means the financial estimate of the revenue and expenses for a given period of time.

In this case, to prepare the budget, it's important to asked the family members the revenue and expenses that are incurred and list them accordingly.

For example, someone shows about 60 years may spend more on medical bills when compared to someone younger.

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