Have you ever heard of the word budgeting? Do you know what it really means? Budgeting is a very important concept that we all must apply to our finances and life generally because it is highly beneficial in so many ways. Budgeting helps you to put your life and finances and even your time in other and here are some important things to note about budgeting:
1]: Budget For Your Income Before It Comes- Do not what to make the money before you start planning how to spend the money because every money not planned for will come with its own plan. So it is wise to plan ahead as this will save you from unnecessary agitation and confusion.
2]: Budgeting Will Help Organize Your Spending- When you create a budget, it helps you organize your spending and track what you spend on and also helps you know what you should not spend on. Without a clearly crafted budget, irregularities in spending will be the order of the day.
3]: Budgeting Has To Be Consistent- Many people create budget on impulse and they are not regular and consistent with it. If your budget must be effective you must be consistent with it and that is the only way you can monitor the efficacy of your budget on your finances.
4]: Budgeting Is Incomplete Without Investment- Some people make budget on how to spend their money without making a budget for how much they are going to invest. This is so wrong and it make your budgeting incomplete and non-productive because you must make plans for investment so that you can have money to even spend in the days ahead.