Question

When considering your household budget, what obvious trends can you identify about your expenses and income? Do your expenses continue to increase? What future expenses can you expect in the next 5 years? What actions can you take to meet your expected expense changes?

Answer 1

Trends in household budget such as increasing expenses over time, future expenses expectations, and actions to meet expected expense changes.

Step-by-step explanation:

Trends in Household Budget

When considering your household budget, there are several obvious trends that can be identified. Firstly, expenses tend to increase over time due to inflation, lifestyle changes, or unforeseen circumstances. However, this is not always the case and is dependent on individual financial situations. Secondly, future expenses can vary depending on personal goals and circumstances. For example, if you plan to purchase a car or a house, you can expect additional expenses for loan repayments, insurance, and maintenance. Lastly, to meet these expected expense changes, individuals can take proactive actions such as cutting unnecessary expenses, increasing income through additional sources, or saving and investing for future goals.