Budgeting for everyone 



To achieve financial freedom, reduce extra expenses to save more money so that you invest it in a proper place to earn a decent and stable percentage of returns. If you want to save money and want to invest regularly and creating your own wealth than Budgeting is a most important thing to do this

Let’s learn with us how to create a monthly budget.......

Now we categories full post in 6 point than discuss one by one

                        1.       Determine your income

                   2.       Track your expenses

 3.       Set goals

                     4.       Create spending plane

            5.       Track and adjust

                 6.       Review and reflect

Determine your income

Make a list of your source of income if you are a salaried employ than right your salary in a white page after tax deduction or if you have more income source than make list one by one list of monthly profit now you have a proper data of your earning in a single paper. Now you have to go next step.

Track your expenses

Tracking expense is a main part of budgeting and you have to make habit to track your expenses every month, after tracking you have to categories this expenses into 2 part

1.       Necessary expenses

·         Fixer expenses

  •      Rent
  •          Utility Bill
  •      Insurance premium etc.
  •      Monthly emergency fund sip

·         Variable expenses

  •     Grocery
  •     Transportation etc.

2.       Unnecessary expenses

·         Movie ticket

·         Entertainment app subscription

·         Clubs pass etc.

Now Categorization is complete now we have to go next step.....

 

Set goals

Now you have to set clear cut goals. Now we are selecting some goals and follow this properly.

1.   Reduce unnecessary expenses

2.   Save some money monthly

3.   Invest every month

Reduce unnecessary expenses to increase saving amount, and that money we can invest in profitable assets or save for emergency fund also.

Select a percentage of your salary and total earning save every month like sip when salary credit a percentage of amount will be keep separately.

After saving some percent of your saving invest regularly like every month.

Create spending plane

Create a spending plane according to your salary and other income, Categories expense like 

·         Grocery ₹2000 to ₹25000

·         Transportation ₹1500

·         Food when go out of home ₹ 2000

Customize according to your lifestyle and never forgot to track every expenses use some mobile app

Like Earn & Expenses tracker or make an excel sheet and enter your expenses daily at the end of the month analysis this data  how many rupees you expense in this month and what type of expense should reduce in next month and improve your financial health.

Track and adjust

Tracking and calculate earnings and expenses is the most important work to maintain monthly budget properly,  if you use mobile app which is more convenient than in the app make categories like Travel, Fast food ,Grocery  etc. make category according to your expenses and final result should be very important if your saving goals archived than fine if not than  check properly the sheet or app and select that expense that was no so important  and stop this expense for next month and do this continuously and one day you absolutely satisfied and achieve your dreams.

Review and reflect

Now we are in the final step of budgeting , The full and final rule is follow this rule properly and make habit in daily life and implement all the rules and also  check regularly and if need adjustment than do this and it will be reflect in your next month .

Stay connected to us... and  Make yourself financially aware...

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Be Financially Aware