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How can I plan a suitable budget and how will I know whether or not it's accurate?

Date: Thu, 01/12/2017 - 20:25
Submitted by hilary on Thu, 01/12/2017 - 20:25
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I have tried to plan a suitable budget. I have written my expenses for past 2 months, I try to limit my spending every month but somehow I'm not able to save the required amount. What is the proper way to plan a suitable budget? How will I know whether or not my budget plan is accurate?


To plan a suitable budget, all you have to do is allocate your expenses in such a way that you're able to save a desired amount every month. You can very well do it on your own. However, you can take professional help if you're not able to plan a suitable budget all by yourself.

You can check out here how to plan a realistic budget and 4 ways to plan a budget:
https://wiki.debtcc.com/personal-finance/budget-4-types-of-budgeting-strategies-and-how-to-plan-a-simple-one.html


Submitted by Good Nelly on Fri, 01/13/2017 - 02:24

Good Nelly

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Budgeting can be overwhelming for the first timers. However, following 50/20/30 rule help you to remain focused.

Keep 50% of your monthly income for living expenses and daily necessities (rent, utilities, groceries and transportation for work).

Set aside 20% of your monthly income to achieve financial goals (savings, investments, retirement savings, debt-reduction payments, and credit card payments).

Allot 30% of your monthly income for entertainment and luxury goods(any flexible expenditures - movie, gym membership, eating out, vacation)

The rule is simple and easy. Don't forget to share your feedback after following this rule. Good luck!


Submitted by Sanders Patricia on Fri, 01/20/2017 - 04:25

Sanders Patricia

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