The first step in the consumer decision process is budget setting. The above-mentioned statement is false.
What is budget setting?
- The process of making a spending plan is known as budgeting or budget setting. A budget refers to this plan for spending money. Making this spending plan enables you to estimate your financial situation in advance and decide whether you will have enough money to accomplish your goals.
- By balancing your spending and income, you can use planning and forecasting to better manage your finances.
- Simply balancing your expenses and income constitutes budgeting. You will have a problem if they are out of balance and you spend more than you earn. Many people are unaware that they spend more than they make and gradually accumulate debt each year.
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