HOW TO CREATE A PERSONAL BUDGET THAT WORKS

HOW TO CREATE A PERSONAL BUDGET THAT WORKS

All of us are usually interested in our country’s budget, with most of us tuning on the TV to listen to the President read the budget every year. Few of us, however, take time out to prepare and present our own personal budget, whether to ourselves or to our families. Drawing up a personal budget, which is essentially how you plan to spend your money, is an essential requirement to effectively manage your financial health.

Here are some tips on drawing up a personal budget:
  1. Make up your mind
This is usually the difficult part. The decision to draw up a budget is not an easy one, so make up your mind that you are going to create a budget. If you are married, then you will also need to convince your spouse on your decision to draw up a family budget. Once decided, the next task will be to determine if it is going to be a monthly, quarterly, half yearly or annual budget.

  1. Determine your total income
For a salaried worker, this is easy. But for self employed individuals, it may mean clearly distinguishing what is personal expense and what is business expense. For self employed people, it also means that they must have predetermined what is their salary from the business they run.

  1. Determine your expense
The next step in creating a budget is to determine your personal expenses. This should cover all your recurrent and non-recurrent expenses. You should also make provision for compulsory expenditures like government levies as well as essential expenses like children school fees and pocket money, if you have any. Make it simple by breaking all your expenses into compulsory, essential and optional. Compulsory is legally binding expenses which you must pay or else you may end up in prison. Essential, are expenses like school fees, electricity bills, and car maintenance or transportation costs, feeding among others. Optional could be entertainment, holidays among others.  Also make some provision for emergency funds.

  1. Implement
You require a high level of discipline to effectively implement your budget. If you are a married person, you also need the total buy-in of your spouse to ensure that you do not abandon the budget soon after drawing it up. However, you can also be flexible in implementing your budget. You can negotiate items on your optional list and even cut down on your essential list where for example; you may have placed “subscription to cable TV,” if you find that your finances are on shaky ground and you can no longer afford the subscription.
Share on Google Plus

About Lion King

30 comments:

  1. wonderfull, ill try to implement

    ReplyDelete
  2. If you are interested in writing a bibliography, this blog post will tell you a lot about it.

    ReplyDelete
  3. คาสิโนออนไลน์ที่น่าเชื่อถือและมีความเป็นมืออาชีพที่สุดในตอนนี้
    โปรโมชั่นGclub ของทางทีมงานตอนนี้แจกฟรีโบนัส 50%
    เพียงแค่คุณสมัคร สล็อตออนไลน์ กับทางทีมงานของเราเพียงเท่านั้น
    ร่วมมาเป็นส่วนหนึ่งกับเว็บไซต์คาสิโนออนไลน์ของเราได้เลยค่ะ
    สมัครสล็อตออนไลน์ >>> Goldenslot
    สนใจร่วมสนุกกับ คาสิโนออนไลน์ คลิ๊กได้เลย
    มีทั้งคาสิโนออนไลน์ หวยออนไลน์ ฟุตบอลออนไลน์ สล็อตออนไลน์ และอื่นๆอีกมากมาย

    ReplyDelete
  4. Thanks for sharing such a nice Blog.I like it.
    norton product key

    ReplyDelete
  5. PLEASE READ!!Hello Guys!!! I am Caro I live in Ohio USA I’m 32 Years old, am so happy I got my blank ATM card from Adriano. My blank ATM card can withdraw $4,000 daily. I got it from Him last week and now I have withdrawn about $10,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it, it is not traceable and now I have money for business, shopping and enough money for me and my family to live on.I am really glad and happy i met Adriano because I met Five persons before him and they could not help me. But am happy now Adriano sent the card through DHL and I got it in two days. Get your own card from him right now, he is giving it out for small fee to help people even if it is illegal but it helps a lot and no one ever gets caught or traced. I’m happy and grateful to Adriano because he changed my story all of a sudden. The card works in all countries that is the good news Adriano's email address is adrianohackers01@gmail.com

    ReplyDelete
  6. PLEASE READ!!Hello Guys!!! I am Caro I live in Ohio USA I’m 32 Years old, am so happy I got my blank ATM card from Adriano. My blank ATM card can withdraw $4,000 daily. I got it from Him last week and now I have withdrawn about $10,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it, it is not traceable and now I have money for business, shopping and enough money for me and my family to live on.I am really glad and happy i met Adriano because I met Five persons before him and they could not help me. But am happy now Adriano sent the card through DHL and I got it in two days. Get your own card from him right now, he is giving it out for small fee to help people even if it is illegal but it helps a lot and no one ever gets caught or traced. I’m happy and grateful to Adriano because he changed my story all of a sudden. The card works in all countries that is the good news Adriano's email address is adrianohackers01@gmail.com

    ReplyDelete
  7. PLEASE READ!!Hello Guys!!! I am Caro I live in Ohio USA I’m 32 Years old, am so happy I got my blank ATM card from Adriano. My blank ATM card can withdraw $4,000 daily. I got it from Him last week and now I have withdrawn about $10,000 for free. The blank ATM withdraws money from any ATM machines and there is no name on it because it is blank just your PIN will be on it, it is not traceable and now I have money for business, shopping and enough money for me and my family to live on.I am really glad and happy i met Adriano because I met Five persons before him and they could not help me. But am happy now Adriano sent the card through DHL and I got it in two days. Get your own card from him right now, he is giving it out for small fee to help people even if it is illegal but it helps a lot and no one ever gets caught or traced. I’m happy and grateful to Adriano because he changed my story all of a sudden. The card works in all countries that is the good news Adriano's email address is adrianohackers01@gmail.com

    ReplyDelete
  8. Thanks for sharing such a nice Blog.I like it.
    Windows 10 Customer Service

    ReplyDelete
  9. My travel life have been easier with My Garmin Express. Plus I can get all the additional knowledge through their blogs. I use the Garmin app and is totally upto the mark. I recommend everyone to use Garmin Express Update and get Garmin life time map update or call +1-888-309-0939 for instant help from Garmin GPS experts.

    ReplyDelete
  10. I never used all the features of Garmin Nuvi GPS. But still I can say that this is the best app I have ever used. Garnim Nuvi comes with some refined features. Check out Garmin Nuvi Map Update or call +1-888-309-0939 for instant help from Garmin GPS experts.

    ReplyDelete
  11. "For those who want Government Jobs Latest Update and news; this is the website to come. A lot of articles are available for free reading. All India Government Jobs - Employment News of Central and State Governments, Govt Undertaking, Public Sector, Railway and Bank Jobs in India.

    Job in Delhi
    Jobs in Mumbai
    Jobs in India"

    ReplyDelete
  12. For those who want Government Jobs Latest Update and news, this is the website to come. You can check here for the latest updates about govt job. On this website you can found All India Govt Jobs Employment News of Central and State Government Jobs, Govt Undertaking, Public Sector, Railway and Bank Jobs In India.

    ReplyDelete
  13. Kuttymovies is one of the best torrent websites where you’ll find Kuttymovies Movies, Kuttymovies collection, Kuttymovies hd, Kuttymovies net Tamil movie links of different types to illegally download movies. find the latest Tamil films, old Tamil films, and other types of kutty Movies Collection, Kuttymovies Movies Download , Kuttymovies HD Movies Download videos here.
    Kuttymovies

    ReplyDelete
  14. We Post WordPress Tutorials for beginners and expret Developers and also publish JavaScript Tutorials ..
    WP Scriptor

    ReplyDelete
  15. Worldfree4u is an illegal torrent movie downloading website to download Worldfree4u latest Bollywood Movies, Punjabi Movies, 300 MB Movies, Hollywood movies online and Find Latest World4uFree Movies News.Worldfree4u

    ReplyDelete
  16. TechEschools is a community for IT professionals.We have built a platform where learning is going to be free and accessible to everyone around the globe. TechEschools.com is additionally an online learning platform that helps anyone to learn software, technology, and artistic skills to realize the private and professional goals.
    TechEschools provide articles, tutorials, videos, and Ebooks associated with master software development technologies immediately. We are scaling up to other areas of education.
    Visit : TechEschools

    ReplyDelete
  17. Hello everyone 2years back I had $64,000 in debt, including $22,340 in credit card debt. My credit score was nothing to write home about. I managed to get most of my debt removed in bankruptcy and I was left with $8,000 car loan and $35,000 in student loans. I determined not to repeat my mistakes again I was recommended by a credit agency to contact a credit film who would help fix my credit and clear my loans she then referred me to this credit company called Rapid Credit Repairs she has been working with years ago who specializes in fixing credit report. I contacted them through their mail RAPIDCREDITREPAIRS@GMAIL.COM text +1 (415) 754 7204 they got a little info from me and started from raising my credit score to 790 after which they cleared my outstanding pending bills. I bounced back quickly; I am currently on my feet and on my way to buy a house. Thanks so much RAPID CREDIT REPAIRS you guys are simply the best

    ReplyDelete
  18. Hello everyone, I’m here to announce the good works of HACKNET CREDIT SPECIALIST. For the first time in my life I have never meet such a humble and honest credit specialist like HACKNET. For the past 5years now have been dying with my credit scandal I lost everything including my house, my job, I was left with nothing the whole world seems to end due to my credit report then I meet a friend who referred me to HACKNET that he is the right person to save me from all my troubles after then I contacted him and explained my troubles and we move on with the job, I waited for the couple of days he told me I was surprise when he called asking me to check my credit karma that the deal is done I couldn’t believe what I saw on my report everything was cleaned up including my late payment all marked as paid I got approved for the loans I requested and I’m now on my new apartment. All thanks to HACKNET. You can reach him directly with those contacts
    Email: HACKNET567@GMAIL.COM
    Phone: +1 949 397 8437

    ReplyDelete
  19. La société de prêt Fidelity National Title Group reçoit un prêt à un taux d'intérêt de 5% à une durée maximale de 9 ans pour rembourser le prêt. Si vous avez besoin d'un prêt pour démarrer votre entreprise personnelle, veuillez nous contacter maintenant via cet e-mail: webmaster.fnf@outlook.com ou contactez-nous au numéro WhatsApp de notre société: +17864751676 maintenant pour procéder immédiatement à votre prêt.

    ReplyDelete
  20. I went through divorce recently and let my wife and kids stay in our marital home for a year before we sold it. During that time, I provided her with enough money each month to pay the mortgage and some bills. She unfortunately made several late payments even though she had the money. I was now unable to obtain a mortgage because no lender would work with me even though I had zero debt so I needed an expert that will help me fix my credit so I can be qualified for a mortgage. My uncle told me about a Credit Company that helped him remove medical bills and raised his score to 791 in 4days. I emailed them on RAPIDCREDITREPAIRS@GMAIL.COM and they responds quickly after texting (415) 754-7204. Well I did and eventually got started with the project with them. I was amazed after 4days on how they pulled through for me and removed all my late payments, raising my score to 799. I got the mortgage and all thanks to RAPID and their team for helping me. Contact them with the above email and number.

    ReplyDelete