Are you struggling to save money? Do you find yourself spending more than what you bring in every week or two weeks? If your answer to either of these questions is "yes," it might be time to learn about budgeting. This is a practice that, to put it simply, helps you save money. For a better understanding of how budgeting is done, here are some essential do's & don'ts that Robert Jain will be able to provide.
DO make use of spreadsheets. In the digital age we live in, recording your data in notebooks is a thing of the past. Instead, you should go on your computer so that you can track your expenses with spreadsheets. Not only will these keep your data organized, but you'll be able to pull them up from anywhere courtesy of the cloud. This is just one of many budgeting tips that names like Bobby Jain can offer.
DON'T discredit the importance of needs versus wants. As a matter of fact, this can make all the difference when it comes to budgeting. When buying anything, you should determine if it's a need or a want first. If it's something that you cannot be without, like food or toiletries, it's a need that should be prioritized. If it's a luxury item that would be nice to have, but not necessary, it's a want to be set aside until you can confidently invest in it.
DO be prepared for the unexpected. What if you suffer some kind of medical emergency, like a broken leg? In this situation, you'll want to have an account to fall back on, which is where budgeting comes into play. With each paycheck, you should save a certain amount of money that will go into an emergency account. This will not be touched for general purposes. Only in emergencies like the aforementioned example should it be used.
DON'T forget to review your spendings. No matter how confident you might be, as far as budgeting is concerned, you should review your spendings all the same. Make sure that you do this at the beginning of each month so that you have a clear understanding of how much you've spent the month prior. If you feel like there is room for improvement, make note of it so that you can apply such changes in the future.
DO make use of spreadsheets. In the digital age we live in, recording your data in notebooks is a thing of the past. Instead, you should go on your computer so that you can track your expenses with spreadsheets. Not only will these keep your data organized, but you'll be able to pull them up from anywhere courtesy of the cloud. This is just one of many budgeting tips that names like Bobby Jain can offer.
DON'T discredit the importance of needs versus wants. As a matter of fact, this can make all the difference when it comes to budgeting. When buying anything, you should determine if it's a need or a want first. If it's something that you cannot be without, like food or toiletries, it's a need that should be prioritized. If it's a luxury item that would be nice to have, but not necessary, it's a want to be set aside until you can confidently invest in it.
DO be prepared for the unexpected. What if you suffer some kind of medical emergency, like a broken leg? In this situation, you'll want to have an account to fall back on, which is where budgeting comes into play. With each paycheck, you should save a certain amount of money that will go into an emergency account. This will not be touched for general purposes. Only in emergencies like the aforementioned example should it be used.
DON'T forget to review your spendings. No matter how confident you might be, as far as budgeting is concerned, you should review your spendings all the same. Make sure that you do this at the beginning of each month so that you have a clear understanding of how much you've spent the month prior. If you feel like there is room for improvement, make note of it so that you can apply such changes in the future.
About the Author:
Please contact Bob Jain for further information related to what you have just read.
No comments:
Post a Comment