October 12, 2017 at 4:08 pm #40395adamjonesvvParticipant
And in general, do you think having a monthly budget is important?October 13, 2017 at 10:16 am #40402Kerry100Participant
As far as I know, according to the statistics, only 40% of families in developed countries know how to decide the monthly budget and do it regularly. The rest people do not think budgeting is something important for their living.October 15, 2017 at 4:48 pm #40414GeorgieParticipant
I can advice you a bit as I am practicing monthly budgeting for my family for a year or so. So, first of all, think about your monthly expenses according to categories. Such particular segmentation will help you to understand main items as well as provide a concrete picture of spending.
For instance, you can include such categories, as food and house, entertainment and car (if you have). The other large item is considered being your current credit history. This means that once you have a certain understanding about your budget expenses as well as profits, so then you will consider how to allocate your budget and change some budget items as well.October 19, 2017 at 7:16 am #40494BambaleParticipant
you should allocate from 10% to 30% of your monthly profit on savings. Only in this particular situation, you will consider budgets on credits and loans or different parts of life, like traveling or purchasing products. In this particular part of budgeting planning, you should deal automatically – got a monthly salary or profit from your business and put a certain sum aside.October 19, 2017 at 7:14 pm #40500GeorgieParticipant
Also, the richest person in the world Warren Buffett has said once the following: “Have an emergency fund”, which means you should save money for the future. When you need savings for a specific purchase or event, for example, college or university of your child as well as car or house loan, you should always remember that the bigger sums you save – the fastest is the result. Of course, each of us has particular priorities. Planning of the budget will help you to analyze your priorities and future situations as well.October 19, 2017 at 7:25 pm #40501GeorgieParticipant
Also, I would say that the other important thing is about the types of your expenses and dealing with them. For instance, if you have an apartment rent expenses, you should remember to save this particular sum of money every month. There is a good example of right budgeting planning, which says about a maximum of 30% expenses on the rent. During this particular scheme, you will be able to maintain your budget plan correctly and have the ability to pay for the other items as well.October 20, 2017 at 11:00 am #40512adamjonesvvParticipant
Thanks, guys! Such valuable information and advice!
Also I would add something about huge purchases and plans which I am testing now for my personal needs. For example, when you need something to purchase (for e.g. a car), you should have some time to save money, unless you are a billionaire. Setting goals and putting them into the timeline can arrange your budget and consider how much money you have to save every week or month. When you plan your expenses and profits for the next period – month or year – you can analyze the minimum as well as the maximum of savings and expenses you can make. Some financial specialists have a certain program for comfortable money savings. This program is called “Putting you first” and is about the process of creating a value of paying certain sums of money to yourself (making savings) and then planning the other activities
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