Read the text and answer question.
Manage your money
Congratulations! You have received your first salary. How are you going to spend it? Are you going to go out and buy that new cell phone or those cool sneakers? Well, don’t! Before you spend a cent, you have to make a budget and plan your spending. First, write down your income (how much money you receive). Then calculate your expenses (rent, transportation, food, etc). If your expenses are lower than your income, you are on the right road! Now you know how much money you have left to spend each month. But don’t overspend or you will have to borrow money. Borrowing money from the bank is expensive. Interest rates are high. Always check to see if a friend or family member can lend you the money.
You also have to think about the long term. How are you going to pay for that holiday at the beach or buy your family presents? You will have to save money every month. So, that new cell phone can wait. Manage your money and maybe you’ll be able to take that holiday at the beach - in Mexico!
According to the text, borrowing money
