Expenses budgeting is an important step in taking control on your money.
Most of the people find it difficult to understand what is happening with their moneys. It clearly shows that they do not have control on their finances.
To take control on finances following things may help you :
1. Make a target expenses for each item per month and track the actual expenses track the deviations and find out the reason for deviation.
You may try this also which is called as envelop budgeting.
Apart fro the normal points which you can find everywhere, keep following in mind as well
2. While spending be a "Informed spender ". Know the value of every rupee you spend !
After spending every rupee just think weather that is worth spending ? Try to figure out what is the benefit of that spending to you, weather it is Constructive or Destructive for you, This will help you take a right decision when you again think of spending on same type of thing.
3. There are few people who are facing a problem to cope up with the your child's high value demand. Are you one of them who are ?
Then you can try this ......
Give a specific budget to your child every year and ask them to fix their expense with in the budget.
Give them free hand to use the budget as per their requirement in a year. But stick to the budget and any savings from the last year should be allocated for the next year.
This will help in two ways.
A. Your burden of unexpected demand from children will go down as they know their budget for the year.
B. They will acquire some buying skills to use the allocated fund diligently.
4. While budgeting your expenses don't miss to allocate budget for self. This money you will allocate to your self to invest in your self.
How many of us really do that ?
It is very important to understand that the investment done in self yields highest returns, No investment in the world can match this return.
This amount which is allocated for you, Should be used in developing your skill set as well understanding of life. I would like to guarantee you that the value what you will get from this investment would be great and you would be more satisfied with your life.
About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families. Can be reached at arbfinancials@gmail.com or Cell : +91-8862079292
Most of the people find it difficult to understand what is happening with their moneys. It clearly shows that they do not have control on their finances.
To take control on finances following things may help you :
1. Make a target expenses for each item per month and track the actual expenses track the deviations and find out the reason for deviation.
You may try this also which is called as envelop budgeting.
Apart fro the normal points which you can find everywhere, keep following in mind as well
2. While spending be a "Informed spender ". Know the value of every rupee you spend !
After spending every rupee just think weather that is worth spending ? Try to figure out what is the benefit of that spending to you, weather it is Constructive or Destructive for you, This will help you take a right decision when you again think of spending on same type of thing.
3. There are few people who are facing a problem to cope up with the your child's high value demand. Are you one of them who are ?
Then you can try this ......
Give a specific budget to your child every year and ask them to fix their expense with in the budget.
Give them free hand to use the budget as per their requirement in a year. But stick to the budget and any savings from the last year should be allocated for the next year.
This will help in two ways.
A. Your burden of unexpected demand from children will go down as they know their budget for the year.
B. They will acquire some buying skills to use the allocated fund diligently.
How many of us really do that ?
It is very important to understand that the investment done in self yields highest returns, No investment in the world can match this return.
This amount which is allocated for you, Should be used in developing your skill set as well understanding of life. I would like to guarantee you that the value what you will get from this investment would be great and you would be more satisfied with your life.
About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families. Can be reached at arbfinancials@gmail.com or Cell : +91-8862079292
An excellent article!
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