What is the first step in creating a budget?
Understand the Problem
The question is asking about the initial action or step one should take when starting the process of creating a budget, which typically involves assessing financial situations and goals.
Answer
Calculate your total income.
The first step in creating a budget is to calculate your total income.
Answer for screen readers
The first step in creating a budget is to calculate your total income.
More Information
Calculating your total income provides a clear picture of the amount of money you have available to allocate towards expenses, savings, and investment goals.
Sources
- How to Create a Budget - NerdWallet - nerdwallet.com
- Budgeting 101 - Investopedia - investopedia.com
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