One may ask,why are you talking so much about this BUDGET thing?
Well,tracking the money, you spend and planning ahead for future expenses can prevent you from overspending or spending money that is needed for upcoming expenses.
Having it written down helps you visualize how much money you have to work with and what you’re spending that on.
Most of us only have a certain amount of money to work with each month; that’s our salary. And, on the other side of the equation certain expenses for each month.
Hence the budget tends to help ensure that these two sides of the equation match up.
Even if you’re only thinking in the short term, planning out what things you need to spend your money on from week to week and month to month means you won’t accidentally spend too much on clothes and end up short on utilities and transports or food etc.
Just as it is important to have a budget, it is also relatively vital to have the budget review every now and then
In my earlier two post I indicated that you should review your BUDGET in 1,3,6 and 12 months accordingly.
We’re halfway through the year, an indication that you should start looking at your budget to review it. ⠀⠀⠀
This month do the following: ⠀
1. Review the current budget. Use the lessons learned to adjust next month’s budget.
Take into account any upcoming events as well. ⠀⠀⠀
2. Use a bank transfer or apps to automatically move your saving amount to your saving account. Initiate a limit on how much and number of times you can withdraw from the bank (Most banks have these apps and policy, talk to them). Establish the habit. ⠀⠀⠀
We’re six months put, if you didn’t have any financial goal and hence a budget, I want to tell you that there is still time to get back on track with your financial goals.
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