Question

Scenario: Tara complains that she cannot seem to get ahead financially. She believes that all expenses, such as her cell phone bill, car payment, gym membership, and subscriptions to magazines are absolutely necessary. Task: Write a paragraph below, persuading Tara to change her financial approach and explain how to do this. The paragraph should address the importance of sound financial goals, budget, and fixed as well as variable expenses.

Answer 1

For Tara to make progress financially, she must plan her personal budget, organizing her expenses and identifying her financial goals.

What is the personal budget?

It is a simple and easy-to-do financial planning tool, where the individual organizes their expenses in a spreadsheet for better visualization, forecasting and organization of expenses, allowing planning to achieve financial balance.

Therefore, through the knowledge of your fixed and variable expenses, there is a greater possibility of balance between what you earn and what you spend, for the allocation of resources for short and long-term financial objectives and goals.

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