Answer:
-write down all the expenses that the family incurs for the month
- categorize the expenses into those that could be avoided and those that are not avoidable (like mortgage payments)
- cut down on the expenses that have been identified as avoidable
- invest a small part of the money saved in something that could help the money increase in value
- translate the monthly budget into a yearly budget to achieve long term goals
Step-by-step explanation:
Budgeting is the process by which revenues and expenses are estimated over a period of time.
Budgets are are usually reviewed occasionally to meet current needs.
The aim of budgeting is to allocate sufficient funds to meet set goals and to reduce waste.
The process of budgeting will involve enumerating expenses, identifying avoidable expense, cutting down avoidable expense, investing funds saved, and translate monthly to yearly budget in order to achieve long term goals.
Answer:
1) write down all the expenses that the family incurs for the month
2) categorize the expenses into those that could be avoided and those that are not avoidable (like mortgage payments)
3) cut down on the expenses that have been identified as avoidable
4) invest a small part of the money saved in something that could help the money increase in value
5) translate the monthly budget into a yearly budget to achieve long term goals
Step-by-step explanation:
Just took the test, good luck everyone!
