Your university friend, Katy, wants to set up a budget for her monthly expenses. Explain to Katy how setting up a budget can help her manage her money effectively. - 1 mark.

Answer 1

Setting up a budget can help Katy manage her money effectively by allowing her to track her income and expenses, prioritize her spending, and identify areas where she can cut costs or save money. It can also help her avoid overspending, build savings, and reach her financial goals.