It is one thing to prepare a personal budget; it is another thing to stick to it.
Question:
It is one thing to prepare a personal budget; it is another thing to stick to it. Financial planners have suggested various mechanisms to provide support for enforcing personal budgets. One approach is called “envelope budgeting.”
Instructions
Read the article provided at en.wikipedia.org/wiki/Envelope_budgeting, and answer the following questions.
(a) Summarize the process of envelope budgeting.
(b) Evaluate whether you think you would benefit from envelope budgeting. What do you think are its strengths and weaknesses relative to your situation?
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Related Book For
Accounting Tools For Business Decision Making
ISBN: 9780470377857
3rd Edition
Authors: Paul D. Kimmel
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