‘Budgeting helps in efficient management of money. Steps in making a

1.	‘Budgeting helps in efficient management of money. Steps in making a budget.
Answer» Steps in preparing budget: For making budget a success, we should include some steps. These steps include fundamental decisions which make budgeting a complicated procedure, but gives a realistic picture of the entire planning for the family ‘s money resources and planned expenditures. Following are the steps for preparing budget: • List commodities and sendees required by family members throughout the proposed budget period. • Estimate the cost of desired items. • Estimate total expected income. • Bring expected income and expenditures into balance. • Check plans to see that they have a reasonable chance of success and possibilities of saving for future.

‘Budgeting helps in efficient management of money. Steps in making a budget.

Answer»

Steps in preparing budget: For making budget a success, we should include some steps. These steps include fundamental decisions which make budgeting a complicated procedure, but gives a realistic picture of the entire planning for the family ‘s money resources and planned expenditures. Following are the steps for preparing budget:

• List commodities and sendees required by family members throughout the proposed budget period.

• Estimate the cost of desired items.

• Estimate total expected income.

• Bring expected income and expenditures into balance.

• Check plans to see that they have a reasonable chance of success and possibilities of saving for future.

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