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You Can't Save What You Don't Have: A Simple Guide To Budgeting

Saving money is directly linked to your behavior and habits around it. In order to come up with a watertight budget it's important that you asses your current financial situation and devise a workable plan that will allow you to repriotize some of the money into your savings account. We have came up with a simple and actionable solution to help you with creating a budget that is tailor-made for you.

1.What is the purpose of a budget?

Each and very month people are struggling to keep up with ends meet and resort to borrowing money from banks that charge them exorbitant interest rates. You need to be conscious of how much you make in order to come up with a budget that is going to give you a clear picture of your finances.

— The main purpose of budget is to help with changing the way you spend your money.

— All your expenses are clearly stipulated so that you can come up with better ways to save.

— Sometimes you will find that you are spending too much and need to cut down in some of the things.

— Your financial goals like buying a house, car or even saving up for a vacation - it all depends on repriotizing some of your salary in order for these goals to materialize.

2.How to reduce your expenditure

To simplify the whole process we have put together a spreadsheet that (as you can see from the image above). Use it as a guide to help you create your own budget - you are free to include some of your expenses.

3.Consistency is key

Just because you have started jotting down a budget it doesn't mean you will stick to it. A lot of people tried and failed all because of one thing - consistency. You need to be turn this into a habit and this means fighting with your mindset that has been programmed to live from hand to mouth.

That’s all we've got for you on today's article. Let's keep this awesome conversation going on the comments section below, we'd love to engage with you. For more informative articles like this one, make sure you follow us and be on the loop. 

Content created and supplied by: ShakersAndMovers (via Opera News )


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