Question

Request your friends to discuss and plan their family’s spending plan. If they are
not willing to do it
• Give two reasons to convince them about the importance of a spending plan.
• Let them develop their spending plans.
• Give suggestions for improving it by supporting with reasons for each flaw in
the plan.

Answer 1

Two reasons which explains the importance of planning budget are listed below -

1. Spending plan helps an individual to keep him or her away from debts. Or else if anyone is in debt, spending plan will help that person to pay the debts.

2. It will make certain that an individual will have enough money needed for his or her requirements.