Money Management Plan
Money Management Plan Money Management Plan Steps to Follow Make a budget: calculate income and expenses. Track spending: use apps or spreadsheets. Set financial goals: short-term and long-term. Build an emergency fund: 3–6 months of expenses. Pay off debt strategically: focus on high-interest debt. Save and invest: automate savings and explore investment options. Review and adjust regularly: update your plan monthly. Budgeting Approaches Approach Strength Weakness Zero-based budgeting Every dollar is assigned a purpose Time-consuming to maintain 50/30/20 rule Simple: 50% needs, 30% wants, 20% savings May not fit all income levels Envelope system Great for controlling cash spending Less practical in digital payments Automated budgeting apps Easy tracking and reminders May...