Question
After understanding the importance of budgeting, identify THREE essential components that Katy should include in her monthly budget. – 3 marks
Answers
There are no human answers yet.
Answered by
GPT 3.5
1. Fixed expenses such as rent/mortgage payments, utilities, and insurance premiums. It is important to prioritize these expenses as they are essential for maintaining a comfortable lifestyle and meeting basic needs.
2. Variable expenses such as groceries, transportation, and entertainment. These expenses can vary from month to month, so it is important for Katy to track them closely and adjust her budget accordingly.
3. Savings and debt repayment. Setting aside a portion of income for savings and debt repayment is crucial for achieving financial goals and building a secure future. This component should not be overlooked in Katy's monthly budget.
2. Variable expenses such as groceries, transportation, and entertainment. These expenses can vary from month to month, so it is important for Katy to track them closely and adjust her budget accordingly.
3. Savings and debt repayment. Setting aside a portion of income for savings and debt repayment is crucial for achieving financial goals and building a secure future. This component should not be overlooked in Katy's monthly budget.
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.