Budgeting

HOUSEHOLD BUDGETING

The essence of household budgeting is knowing how much money comes into the household and where it goes – your income and expenses. Many people seek help and assistance not because of debt, but because they wish to learn how to use their money more effectively for various reasons. Add a household budgeting plan and you've got a powerful tool for money management. And, likewise, a good household budgeting plan is essential for any debt management program to succeed.

Budgeting like dieting is much disliked by many because of the ‘hoo-ha’ of the extra thought and effort needed to make it work, or for the plain reason, false pride. Budgeting is essentially a matter of planning. Budgeting to include debt management in your personal finance plan builds a good strong defense against credit card use. Household budgeting helps you manage your financial affairs.

You should start your budgeting by creating a personal budget, of course. A budget is a document that lists what your income is every month, and on what you spend you money each month.

You should start your budgeting by creating a personal budget, of course. A budget is a document that lists what your income is every month, and on what you spend you money each month.

4 Tips on budgeting:

How do you prepare a budget?

1. Keep it Simple
2. write down your income
3. Make a list of all expenses:- rent, mortgage, car etc
4. Keep a notepad handy and jot down extra things you buy on a daily basis:- newspaper, petrol, condiments etc

Tips and how to coming soon