Final answer:
The assertion that a budget plan is fixed until one changes jobs or income is false; a budget is an evolving tool that should be regularly updated to align with current financial circumstances and goals. Therefore, the given statement is FALSE.
Step-by-step explanation:
The statement that once you have created your budget plan, you are set until you change jobs or change income is False. A budget is a dynamic tool that helps you manage your finances by tracking income and expenses. As life circumstances change, such as expenses, financial goals, or unexpected emergencies, your budget should be reviewed and adjusted accordingly. For instance, if an emergency arises and you have to dip into your savings, you'll need to adjust your budget to replenish it. Similarly, changes in the cost of living, such as rent increases or changes in utility bills, will necessitate updates to your budget. Budgeting is an ongoing process that can help you find ways to save money and achieve your financial goals faster. It requires regular updates to ensure it reflects your current financial situation. This is essential in the fast paced world of being a responsible adult and staying up to date with your finances.