When should fixed and variable monthly budgeted expenses first be planned?

at the end of each month
day by day during the month
at the start of each month
at least twice per month

The correct option is © at the start of each month.

Further explanation:

If an individual does budgeting, then it is a great tool to track his expenses. One should make his budget according to his income. There should be a balance between an individual’s income and expenditure, if he spends according to his income then it is considered as one of the best planning skills.  

BENEFITS OF BUDGETING

Budgeting helps in ensuring the availability of funds. It helps an individual to set short-term goals which are a crucial step to map out his financial plan. Financial planning helps an individual to make financial decisions and when an individual has a financial plan, then it’s easier to meet his goals.  

There are several reasons why budgeting is important like one can manage his income more effectively. It helps in increasing cash flow by carefully spending and monitoring expenses and patterns. If an individual makes a financial plan, then he can save money which can be beneficial in his difficult times.

learn more:

1. How is the planning step done in the education process?

2. If you are planning to carry a large balance on your credit card, which of the following credit card features should you look for?

Answer details:

Grade: High School

Subject: Social Studies

Topic: Budgeting and Its Benefits

Keywords: budgeting, expenses, income, expenditure, financial, funds, planning, skills