Question

which of the following is an essential step when creating a monthly budget? determining long - term financial goals assigning a specific budget for entertainment expenses tracking daily spending in a journal ignoring irregular expenses

Explanation:

Creating a monthly budget requires knowing income and expenses. Tracking daily spending (e.g., in a journal) provides accurate data on where money goes, which is foundational to allocating funds realistically. Long-term goals guide budgeting but aren’t an immediate essential step for the monthly plan; assigning entertainment budgets is a later allocation step; ignoring irregular expenses undermines budget accuracy.

Answer:

Tracking daily spending in a journal