Answered

After assessing their income and expenses, a person discovers that they will not be able to save enough money to meet their financial goals when they wanted to.



Which options could be done in order to meet the financial goals without changing the goals or their dates?

Select two correct answers.


  • Decrease expenses
  • Increase income by working more
  • Decrease income by working less

Verified Answer :

Final answer:

To meet financial goals without changing them or their deadlines, a person can decrease expenses or increase income by working more. These strategies focus on maximizing the amount of money available for savings. Reducing income is not a viable option in this scenario.


Explanation:

Strategies to Meet Financial Goals

When a person realizes they cannot save enough money to meet their financial goals, there are several strategies to consider that do not involve changing the goals or their deadlines. The two most effective options in this case are:

  1. Decrease expenses: This can involve cutting back on discretionary spending such as dining out, subscriptions, and entertainment. For instance, switching from dining out to cooking at home can significantly reduce monthly expenses and help allocate more funds toward savings.
  2. Increase income by working more: Taking on additional work hours or side jobs can boost income. For example, freelance work or part-time jobs during evenings or weekends can help individuals earn extra money that can be directed toward their savings goals.

Options such as decreasing income by working less are counterproductive, as they would further limit available funds for savings. Therefore, decreasing expenses and increasing income are the most viable approaches to achieving financial targets.


Learn more about Financial Planning here:

https://brainly.com/question/29763313


Related Questions