Why is having a personal budget so important? (discuss importance of financing yourself, paying fix costs, having money to eat and to go out, setting a savings etc
SOLUTION:-
A budget is a statement which shows income and expenditure for a particular period of time. A budget shows the inflow of money coming in and going out. It helps to make the most out of your money and thus saving your financial future.
It is important to have a personal budget so that one can keep a record of its income and expense as a budget shows the possible sources of income and the places where these funds have been spent.
HOW TO CREATE A BUDGET?
To create a budget one should follow the following steps:-
1. Set Goals
2. Identify the monthly income and expenses
3. Deduct the monthly income from expenses
4. Check your spending and rework on it accordingly.
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