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Monday, January 2, 2012

Do you have a Budget?


Do you have a Budget?

Budget
Many of us fail to have a budget every time they got their salary. That is why many people are fall in to debt. Few really realize just how much they spend on worthless expenses and in the end regret for the expenses they have made. To make this not happen again and if you're want to keep your spending under control, it is better that you make a budget.

What is budget? From Wikipedia it is a financial plan and a list of all planned expenses and revenues. On my own explanation budget is a written plan (written not verbal so that I won’t forget) on how to manage my money.

Having a budget allows us to get handle on the flow of our money. How much are coming in and where it goes or where we use that particular amount of money. By having a budget you can easily allocate your money from most priority expenses like basic needs (foods, clothes etc.), paying water, electric and rent bill, paying contributions (SSS, Insurance, etc.) and also paying your debt to less priority expenses like cell phone load, travelling and eating outside causing additional too much spending etc. We can cut if not then we can lessen this less priority expenses so that more amount of money can be allocated.

Budgeting can limits ourselves from spending too much, we can be able to save little by little and live within our means. If we were strictly follow our budget. It also helps us to prevent from impulsive buying and keep us away from debt since we already know what amount of money we need to spend.

And last, having a budget it will help us to determine specifically how much amount of money we need in order to meet our needs. So that we can protect our money and do some adjustment in our finances if needed to generate more income or we are doing fine.

Do you have a budget now? If not, then start making a new one, it is the first step to free yourself from debt. And make our life easier and better by budgeting our money.



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