A budget is necessary only for those with a substantial income.

Budget

A plan for managing income and expenditure over a specific period.

Substantial Income

A significant amount of money earned, usually enough to support a high standard of living or fulfill financial goals.

Comprehend the significance and principles of budgeting within personal financial management.

Verified Answer

Final Answer :

False

Explanation :

A budget is necessary for individuals at all income levels to manage their expenses, save money, and plan for financial goals.

Learning Objectives

Comprehend the significance and principles of budgeting within personal financial management.