Have you thought financial planning is just about your investment? No, budgeting i.e. your plan to spend is also a very important factor. Infect, it’s a first step towards your financial freedom. Budgeting will help you save more and saving will help you invest towards your financial goals. So effective saving is possible with budgeting.
As they say, ‘the devil is in the detail.’ All your complaints about not being able to save will vanish if you start checking your spending pattern. What is better, to plan before you spend or repent after you spent? Well, the choice is apparent!
Following are some simple to-dos for budgeting:
Do it at the beginning of the month:
‘A good beginning is half the battle won.’ Starting the month with a plan of spending will help you be aware of your needs and cashflow. Once a plan is set, you will have reason to hold on certain luxurious expenses.
Include all your income & expenses:
Cash Flow management is a very important aspect of budgeting. If you can forecast it well, you will not feel stressed during your spending.
Priorities your need:
Of Course you can’t fulfill all your requirements at one strach. If you can, either you are lucky or you are spending wisely! Prioritising will help you address your immediate requirement and will also help you set future requirements scheduled in advance.
Regularly track your numbers:
It is proven that you can plan your success if you can track and monitor all your important steps. Tracking your spending will help you win the battle of undisciplined behaviour towards it.
Let’s start with:
- Making a plan
- Tracking it regularly
- Periodic review and adjustments
- Repeating the process every month
You can contact us on 9879956949 or email us at hardik@niveshplanner.com for all your queries on budgeting, investment, financial planning, insurance etc.