Answer :
Final answer:
A monthly budget consists of sections for expenses and income, with expenses being categorized into fixed and variable expenses, and needs versus wants for effective budgeting.
Explanation:
A monthly budget usually has two sections - one for expenses and one for income. Expenses can be categorized into fixed expenses (e.g., rent, insurance) and variable expenses (e.g., groceries, dining out). It is essential to differentiate between needs (essential items like food, clothing) and wants (non-essential items like entertainment, designer clothes) when planning a budget.
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