Personal Budgeting.
A budget is a financial plan that helps to set financial goals and limits spending to help you live within your means. It can be an annual or monthly plan that helps you pay for day-to-day expenses, long-term savings, and investments.
We often use our budget to make sure we can afford our lifestyle and savings goals.
What is budgeting?
A budget is an itemized list of the costs and income associated with running a household or business over a certain period. Budgets are used to make plans for future spending or saving, to monitor performance, to evaluate success, and to modify behavior. When budgets are away from effective, they can lead to problems like debt, bankruptcy and other social issues.
Aspects of budgeting:
-Evaluate income streams for the given period of time (monthly).
-An estimate of what will be spent at the end of each month (e.g., bills).
-What their limitations are (e.g., funds).
-Ease for understanding.
The budget for a person can vary from one person to another depend on how much they make, their lifestyle and the costs of living in the area. There are plenty of ways to save money and also ways to spend. The average cost for a person may be around $3,000-$4,500 per month depending on what they need.
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