Budget

MONEYMONK WEEKLY MESSAGE 11/20

Budget

Many are fearful of the word ‘budget’ and think of it as something very complex and difficult to understand.

To understand it in the context of ‘Personal Financial Management’ is easy and is also very useful.

Firstly make two columns.
In the first column write down your monthly income all deductions not in the nature of savings. (e.g. taxes .) This figure is then your real income. This will be your start point for the second column.

Now in the second column write down first the savings component as you must focus on this (for e.g. provident fund cuts and also the amount you plan to save regularly every month )

Subtracting this savings total from your income in hand will give you the amount you have available for planning your monthly expenditures as well as making provisions for some bi monthly, quarterly or annual expenditures.

Your budget is now ready and the format will look something like this......

Note:

Earlier messages are posted on my blog https://moneymonk-joe.blogspot.com/

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