A major Chapter of the budgeting process to ensure overall financial success is
A)reducing credit limits on credit cards.
B)limiting entertainment expenses.
C)establishing an emergency fund.
D)planning an overdraft for your chequing account.

Question

Quizplus · Accepted Answer

Establishing an emergency fund is an important step in the budgeting process as it provides a financial cushion during unforeseen circumstances such as a job loss or unexpected medical expenses. This can prevent individuals from relying on credit cards or overdrafts and ultimately result in overall financial success. Reducing credit limits and limiting entertainment expenses can also be helpful in managing finances but they do not address the need for an emergency fund. Planning an overdraft for a chequing account is not a recommended practice as it can incur high fees and lead to debt.

A Major Chapter of the Budgeting Process to Ensure Overall