Read the statements about preparing a simple budget for personal financial management and indicate whether it is True or False.

Statements True False
1. List all your income of the month.
2. List all things you want to spend money on and their prices.
3. Start with the least urgent wants to the most urgent needs.
4. Calculate the total cost of all the items you want to buy. Compare the total cost with the total amount to be spent in your budget. If the total cost exceeds your budget, adjust your list by removing the least important items.