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

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

Answer

Brief Explanations:

  • Mandatory spending (like rent, bills) is usually more important than discretionary (non - essential) spending, so the first statement is incorrect.
  • Differentiating between needs and wants helps in effective budgeting.
  • Spending on wants doesn't ensure needs are met; needs should be prioritized first.
  • Saving more helps in achieving long - term goals like buying a house or retirement.
  • Determining short - and long - term goals is a good starting point for creating a budget as it guides spending and saving.

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.