Which part or parts of this paragraph indicate that Rolid is preparing a budget to plan his finances? Rolid is a 25-year-old man who is very social by nature. He works for a financial services company. Every month, he puts $500 in an envelope to use as spending money. He ensures that he spends only when he has enough money. He usually avoids outings with friends, but every once in a while, he will spend lavishly up to a certain amount. He plans to retire by the age of 40. He has no plans for marriage anytime soon, and he loves his current job and lifestyle.

The parts of the paragraph that indicate that Rolid is preparing a budget for planning his finances are a) where he sets $500 aside for spending and b) where he ties his spending with sufficient availability of money.

Financial planning (budgeting) is a meticulous process that involves:

Using a step-by-step approach to set and achieve financial goals
Being in control of personal income, expenses, and investments
Managing financial resources prudently to balance periods of scarcity with periods of plenty.

Thus, Rolid prepares a budget by putting $500 aside and tying his expenditure in line with his income.

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