For example, if you have EMIs, pay those before spending on other things, so that you never miss out on a payment ever again.ģ. Adjust how you budget your money every month to suit your circumstances. The mark of a great budget is paying all that you owe and still having some leftover amount at the end of every month. Allows you to align your monthly expenses Understanding where you are spending money can also give you clarity on how to divide it amongst your needs and wants.Ģ. Having a budget helps you get a clear idea of how much money you have every month, and how much you can afford to spend while still saving for emergencies and financial goals. Gives you a 360° view of your financial standing If you see that you don't have enough money to do everything you would like to do, then you can use budgeting to prioritise your expenses and allocate your money to the things that are most important to you.ġ. By creating this spending plan, you can determine in advance whether you will have enough money to do the things you need to do or would like to do. "A budget is telling your money where to go, instead of wondering where it went." – Dave Ramsay Budgeting is the process of creating a spending plan for your money. If you have been in one (or more) of these situations at some point, the one-stop solution to your problems is budgeting. Almost 70% of the population struggles to manage their expenses within their earnings. Do you often wonder where does your monthly salary go when there are still bills to be paid? Do you lose sleep at night wondering, if you suddenly lost your job how you will meet your expenses for the next few months? Are your children upset with you because the vacation that you were planning, had to be postponed as you are short of funds? Did your parent have a medical emergency and you ended up borrowing money to meet the expense? If the answer to the above is yes, you are not alone.
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