Money management or personal finance budgeting should be a very important element of everyone’s lifestyle. But unfortunately because of ignorance or laziness many are not serious about it. The key to mastering your finances is simple – become a wise spender, and personal finance budgeting helps you precisely with this. To plan your budget:
1. First calculate your total monthly income from all sources.
2. Figure out your major expenses for the month and then categorize them.
3. At the start of the month estimate and write down the monthly expenses for each item.
4. Note down your daily expenses in a sheet.
5. At the end of the month, calculate your total expense for each item.
6. Now you can easily find out, on which item your expenses are up to your budget or on which it has crossed your initial estimate. This will help you to cut down expenses for each item to keep your finance within your budget.
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