Question

When setting up your monthly budget, what is the first thing you should do?

A.
Allot a certain percentage to savings

B.
Set aside your monthly rent or mortgage

C.
Allot a certain percentage to recreational activities

D.
Set aside your average utility costs

Answer 1

B. Set aside your monthly rent or mortgage

Start by covering essential, fixed expenses (like rent or mortgage) since they are non‑negotiable. After those are allocated, budget for utilities, savings, and discretionary spending.