Plan Your Monthly Expenses | Image Resource : stevenbrown.ca
We all know that money is not everything, but it helps you to live a normal life. In today’s world, nothing is possible without money. Every individual has ambitions and desires, which can only be fulfilled through money.
We often say, “Money is the root cause of evils and problems.” However, I strongly disagree; I believe that money is the best invention of Mankind. It has made our lives easily manageable. It is illogical to blame money for our wrongdoings or in- capabilities.
Life is full of opportunities, so if you have the willpower then you can make as well as save money. As Bill Gates once said, “If you are born poor it’s not your fault. But if you die poor it’s your fault.”
I have always been taught about the importance of money being from middle class family. As a kid, I was always good with numbers. Learned a lot about managing money from my parents. This helped me a lot in managing my expenditure without sacrificing on anything.
A friend of mine once told me “I’ll start saving as soon as I start earning more.” This according to me is a wrong attitude if you want to save money. According to me, a person who cannot manage a small amount of money will find it difficult to manage bigger financial responsibility.
Following are some of the tips that could help you manage your finances:
Plan your monthly budget
Keep a track of your expenses. This first step does not require you to cut on anything. You just required analysing and understanding how much you spend in a month.
List the compulsory expenses.
In this step, you list out expenses that are necessary in a monthly or daily basis such as rent, bills, groceries etc. This does not include things that you wish to purchase or activities that you wish to indulge in, they come under additional expenses.
Analyse the budget
Once you have listed all your expenses, separate your actual budget from your projected budget. A projected expense is a budget that you have set for a month. Actual budget is the one that you have actual spend throughout the month. Analyse the two against each other and decide for yourself, where to spend? Moreover, where to save?
Planning with Honest
Be honest to yourself while creating a budget. A sincere effort from your end can help you be financially satisfied. Managing personnel expenses is a difficult task. However, it is achievable with proper planning. You just had to create a financial record and follow it. So, stop thinking and start saving.
Hope this blog as helpful to you people, Feel free to offer your suggestion on my article.
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