which statements best summarize the principles you should use when budgeting? check all that apply. your…

which statements best summarize the principles you should use when budgeting? check all that apply. your discretionary spending should be a higher priority than mandatory spending. you need to be mindful of whether an expense is truly a need, or just a want. spending on wants will enable needs to take care of themselves. the more you save, the more easily you can reach long - term goals. to create a budget, you need to start by determining your short - term and long - term goals.

which statements best summarize the principles you should use when budgeting? check all that apply. your discretionary spending should be a higher priority than mandatory spending. you need to be mindful of whether an expense is truly a need, or just a want. spending on wants will enable needs to take care of themselves. the more you save, the more easily you can reach long - term goals. to create a budget, you need to start by determining your short - term and long - term goals.

Answer

Brief Explanations:

  • Mandatory spending is usually higher - priority than discretionary spending, so the first statement is incorrect.
  • Being aware of whether an expense is a need or want is important for budgeting.
  • Spending on wants should not come before needs.
  • Saving helps in achieving long - term goals.
  • Determining short - and long - term goals is a good starting point for budgeting.

Answer:

  • You need to be mindful of whether an expense is truly a need, or just a want.
  • The more you save, the more easily you can reach long - term goals.
  • To create a budget, you need to start by determining your short - term and long - term goals.