Income and Expenses

Managing income and expenses is crucial for maintaining financial health and achieving financial goals. Income refers to the money received from various sources, such as salaries, investments, or business profits. Expenses are the costs incurred in daily living, including rent, utilities, groceries, and discretionary spending. To ensure a balanced budget, individuals should track their income and expenses meticulously, identifying areas for potential savings. Creating a budget helps prioritize essential spending while setting aside funds for savings and investments. By understanding and managing income and expenses effectively, you can build a solid financial foundation and work towards long-term financial stability