The main components to successful money management are financial records, personal financial statements, and budgeting.
What do you mean by money management?
Money management is the key to improving or maintaining your financial situation. Money management involves planning, analyzing and executing every aspect of your financial portfolio, this includes all types of savings, investments, taxes, banking and budgeting.
What do you mean by financial records?
Financial records are documents which provide evidence of or summarize business transactions. An essential part of an accounting department is a well-organized set of financial records. Financial records at the most detailed level, includes invoices and receipts.
What do you mean by personal financial statements?
A personal financial statements provide information about the results of operations, financial position, and cash flows of an organization. This information is maintained in a spreadsheet that gives details of the assets and liabilities of an individual, couple, or business at a specific point in time.
What is budgeting?
A budget is a spending plan which is based on your income and expenses. It is an estimate of how much money you will make and spend over a certain period of time, such as a month or year.
Budgeting is an effective management tool and it has it benefits which are- it provides a time frame required to control finances, highlights cashflow shortages or financing requirements etc. Thus, budgetary management is the process of managing and tracking income and expenses.
Hence, option A, B, and C are correct.
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