Question

Pick the 2 correct statements about calculating your expenses for your budget.
CHOOSE 2
It is enough to have a general idea of what and how you're spending

To fully understand your expenses, look through your last 3 months' bank, credit and store card statements

Assign your expenses to detailed categories that make sense to you

Only include your fixed expenses in your monthly budget

Debt repayments should not be added to your budget

Answer 1

To accurately calculate your expenses for your budget, it is essential to have a detailed and clear understanding of your spending. The two correct statements that will help you achieve this are:

1. **To fully understand your expenses, look through your last 3 months' bank, credit and store card statements**
- This provides a comprehensive overview of your spending habits and helps identify patterns or irregularities.

2. **Assign your expenses to detailed categories that make sense to you**
- Categorizing expenses allows for better tracking and management, helping you see where your money is going and identifying opportunities to save.

These steps ensure that your budget reflects a complete and accurate picture of your financial situation.