Everyone has wants and needs and to be able to achieve our needs, budgeting is very important, just like everyone has something tangible to buy and spend money on, write down or making down our budget plan we help us reach our aim and know what it will cost us to acquire the basic things we truly need.
There's something we call scale of preference, which is to set things according on how we need them and achieve the important ones before we look at the less important ones, so during budgeting we can arrange our budget properly and set things that we need the most in place. Just like everyone needs a budget list, families also have to get a budget list and making a budget list for your family expenses is important. Personally me and my family have our own budget list, we list down important things we need for a specific period of time and days and we work towards our budget.
Budgeting I will say, helps a lot, like for example before I started budgeting, I usually spend a lot of money because I didn't arrange myself properly and likewise in my family then everything was not arranged, but after I started budgeting I realized that everything changed I became more good than it was before, I even started saving more and spending wisely. Usually most families might be spending more on things but after the improved there budgeting the started spending wisely, although every family have to a medium that is best for them but i always think that the budgeting is a very nice strategy.
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Everyone has to decide when is best to write down your budget, whether is in the beginning, ending or middle of the month, you have to choose your preferable time and then work according to that time. You can set your budget to last at about one, two or more months, or even some days depending on what you really want. For me I prefer monthly budget, each month you arrange yourself and make your budget and then work towards achieving it.
Some people encounter more expenses at the end of the month and the try their best to arrange themselves before the start of every month and in this case budgeting is very important, the can budget what they really need and map out money that will be able to get those things they need. It is true that not everything will be included in the budget list because you may encounter one or two expenses, which are important items you have to buy and because of this mapping out more extra money will be of great help to you.
For me I have small things that I spend my money on as a single guy, I budget those things and I accomplish them, but when it comes to family budget most times I don't do the expenses alone, Everyone contributes and we save to accomplish them as a family. Families coming together to contribute brings them more together and shows that the love and are ready to support each other.
The truth is that we all can't run away from expenses, but applying basic steps can help us in reducing what we spend our money on, and also help us save more money, just like I have testify, budgeting is a nice strategy, when we apply it, it will help organize us and help us know what we spend our money on.
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Budgeting is not only for families, companies can also have there budget including different countries, Companies can write down there estimate spending in maybe a year and work towards it, mapping out budget money will help grow the company more and let them know what they are spending there money on, they bigger the company the bigger their budget will be, so small companies most times have less to spend money on when compared to big companies.
One can use a notebook to write down all the needed expenses, between a period of one month, one year or more. When you write them down it will be more easier to track them and know if you are meeting up with your expectations and know if you have to do any changes. Companies can also have files which they also use to write down their budget and work towards achieving them, writing down budget down is also very important and help you be in line with your needed expenses. Having a budget list and including all your expenses in the budget list will help you know how much you are spending each week and you can either minimize it to spend less, and for companies it will help them know whether they are on profits or if they are just spending all their money
In conclusion; just like we have discussed, creating a budget list is very important and can help you know what you are spending your money on. Many has testified how budgeting has helped them improve in their spending and I believe it will also help you, so make good use of it.
This is one of my entry for the March inleo initiative you are free to join.
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