To create a balanced budget one must make sure to
- Spend as little as possible.
- Pay credit card payments first.
- Spend less than or equal to income.
- Pay off debts first.
Answer:- 3. Spend less than or equal to income.
There are four rudimentary elements that make up any household budget:
- Income
- Fixed expenses
- Flexible expenses
- Discretionary expenses
Income is not limited to money received from paychecks. This can likewise comprise government aids, alimony or child support, and even revenues on investments. However, fixed expenses have an established cost that stays the similar every month, like mortgage or rent expenditures and insurance. Flexible expenses are likewise necessities, but the cost varies month to month, like for provisions or the electric bill. Most planning tools do not break up procures by those three kinds of expenses. Instead, they classify the expenses. Consequently, the tool may routinely separate out food dealings and fuel transactions.
The good personal budget stops extravagance by balancing expenses versus income. However, this is not just around keeping total expenditures below the entire income. If they spend every dollar you earn, that does not make you financially stable.
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