BUSN 10  -TEXT
BUSN 10 -TEXT
10th Edition
ISBN: 9781337116701
Author: Kelly
Publisher: CENGAGE L
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Chapter A, Problem 1LO
Summary Introduction

To apply: The budgeting principles in the personal finance.

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Explanation of Solution

A detailed forecast of the outflows and inflows of cash in order to obtain the net inflow or outflow for the particular period of time is known as a budget. The way Person X applies the budgeting principles in his personal finance are as follows:

  • The first and the foremost step will be devising a budget.
  • Person X then has to create the emergency funds.
  • The debts have to be limited wisely.
  • Utilization of the credit cards in a proper manner.
  • Monitoring the credit score.
  • Assessing the revenues and expenditures.
  • Having a knowledge about the spending habits.

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