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Basic Budgeting by Rubina Ratnakar

Life Skills Wed, 24 Mar 2021 09:37:27 +0000

Leading a happy and smooth life involves many things to be taken care of. You need to learn a number of life skills in order to lead a happy life. Money is an important determinant of the status of your life and how well you are going to do all the necessary tasks of your life. Making the right use of the amount of money you have is more important the earning. If you don’t know how to deal with your income, you are going to face difficulties with your expenses every month. That is where budgeting enters a person’s life. Instead of carelessly spending money, it is better to form a budget and spend wisely. In this blog, Rubina Ratnakar will highlight the importance of basic budgeting.

If we talk about a budget in simple words, it is a plan that comprises all the money you earn and all the money you spend. It will help you in categorizing the expenses in the order of their importance.

All of us know the two broad parts of your income are savings and expenditure. You need to decide how much you want to save and how much you want to spend. After that, you need to categorize your expenditure as well.

So, begin by analyzing your income. If there is more than one source of income in your life, you should first jot down your monthly income. Once you know your income, divide them into savings and expenditure.

The next step is to look at all the expenses. You need to categorize them on the level of their importance and priority. Keep a track of how much you spend on which amenity.

The next thing you need to do is keep a track of all the things you purchase for yourself as well. You need to do an analysis of all the money that is going out and regulate the ones that are causing problems.

Once you have formulated a final budget, make sure you perform periodic checks and analyses to keep yourself on a good note.

Check out the latest blogs by Rubina Ratnakar on a pedicure at home and becoming more optimistic.

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