Finance: How to Budget
Updated: Sep 14, 2019
All people in all forms of life need to work on budgeting. It is extremely important to make sure you create a realistic, and attainable budget that you stick to in order to stay financially stable. Many people think they have the acumen to create these budgets, but end up overspending and scrambling at the last second. Budgeting requires a level of planning that forces you to look at yourself and your spending in an objective manner. If you fail to do so, you will struggle with maintaining a budget, however if you are prepared to do so, you will succeed with the following tips.
To start off, you need to take a look at your past, monthly expenses. This way you can get a general idea of how much money you need on a monthly basis. Next, know your financial goals. This could be minor or major, but be sure to give yourself the proper time and resources to get there in terms of your financial planning. Lastly, most people only focus on spending when it comes to their budget, but you also need to focus on the income side. If you need more money, maybe think of a side hustle that can bring in some extra income.
If you’re able to follow these steps you will succeed in making a budget. These steps will vary for all individuals but as long as you can shift them to fit your unique circumstances you will now be able to create a manageable budget. For more articles like this check out the rest of our BBC articles on finance, management, marketing, and human resources. Also check out our youtube channel for more in depth content from Helen Gillespie, Chari Govindarajan, me, and many more members of the content team. Thanks for reading this article.
“It's Actually Possible to Stick to a Budget.” U.S. News & World Report, U.S. News & World Report, money.usnews.com/money/personal-finance/saving-and-budgeting/articles/how-to-make-a-budget-and-stick-to-it.