The Concept of Budgeting.

Budgeting. How many of us are familiar with this concept? How many of us actually implement the knowledge we have? Even I am guilty of it.

In the whole bustle of things we forget to actually plan our expenses, or maybe we don't. Maybe we just love to be impulsive consumers, living La Vida Loca, and saying to ourselves everyday 'I can't come and kill myself jare'

Ladies and Gentlemen, I'm here to be your voice of reason. Spending like it's your last days when you do not have access to the world bank funds will not in any way help you.

Even the country has to budget her expenses. So being the ever caring person I am, here are tips to prepare and implement your budget.

  • Take note of your net income. It's very important to know how much money you have coming in every month after all the deductibles must have been taken out. By deductibles I mean tax.

  • Set realistic goals. You can't prepare your budget projecting some essential expenses to be less than the actual amount. When I say essential expenses I mean things like your rent, it's impossible to project your rent less than it really is.

  • Make a plan. When you finally do make a plan, be sure to break it down. Have two lists if you need to. One for your fixed expenses and another for the things you want.

  • Track and adjust your spending. It's important to be cautious of your spending habits. Note what you spend on and their importance in your everyday life and also adjust where necessary (I mean do you really need to have takeout twice a week? Try cooking).

  • Remember to review your budget. Yes keep checking in, they say change is the only constant thing in life (besides you can't possibly plan for everything).

Sometimes, you may need to spend outside your budget for emergencies (it's best to budget for that too) but always check in to see how things are going.

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