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How to budget well

By timi_shuga • 10 months ago • 22125 • 8726
How to budget well


Whatever we do in life requires or relate to budgeting as long as money is involved. Most of want to be ahead in financial problem so as to know how to spend and when to spend, here are steps that will make us budget well:

Step 1: set practical goal 

When we set a practical goal for how money it helps us make smart decision as at when to spend and when not to spend (spending choice).

Step 2: Establish your expenses and income

It is best to know how much you are receiving or earn and also know how you are spending the money.

Step 3: separate needs and wants

Ask yourself questions if what you want to buy you really need it, will it make you attain your financial goal? Can you do without it? Set priorities for yourself and when you do that your decision will be easier.

Step 4:  design your budget

Make sure you don’t spend more than you make, balance your budget so as to be able to pay for what you need.

Step 5: put your plan into action

Decision is everything so to meet your financial goal you need to put your plans into action by spending less and when necessary.

Step 6: seasonal expenses

You know that things will just come up e.g. school expenses, new shoes or an annual membership so set money aside to pay for these expenses so you can afford them without going into debt.

Step 7: look ahead

Getting on track with budget may take some time. So you have to be patient and disciplined to be able to achieve your plan on financial growth.

Thank you lpv forum for this opportunity 

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