![]() Also, if you feel that you are spending more than you can afford, then make sure to check on the expenses especially the variable factors. Make sure that you do not spend more than you have allotted in each of the buckets. ![]() and then prepare a budget for the variable expenses like grocery shopping, eating out, movie nights and others. First make sure to pay for the fixed expenditures like home loan/ rent, car loan, utility bills etc. Identify the absolute essentiantial and allot money accordingly. Track your family expenses for two to three months to find out how much is spent on what task every month. More importantly, priorities change from time to time, hence, change your personal financial plans accordingly. This practice will help you understand how much you need to save for each purpose and for how long. Most people fail to manage their personal finance only because they do not have a clear agenda set for themselves. The process of writing them down will help you simplify things. List your priorities and write them down. For example, when do you want to retire? What are your plans after retirement? Whether you want to buy a house? Whether you want/have children and if yes, then what are your plans for them. It is impossible to predict the future, but there are few basic questions that need to be answered early on in life. ![]() Here are the six steps to create a personal budget for yourself. So, if you are worried about your personal finance and hardly have a clue what to do about it, then this is exactly how you start. ![]() If money management is the first step towards wealth creation, then creating a personal budget is the first step towards money management. ![]()
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