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Do you ever find yourself juggling with the numbers on your budget sheet, wishing they could magically align in your favour?
What if I tell you, you can save a lot of money by following simple tips and tricks in your day-to-day life!
Creating a Realistic Budget
“Maintaining a balance between desires and needs is legit a tug-of-war all of us go through.”
Now how can you set up a realistic budget?
1. Adding your income from all the sources
2. Listing all your expenses by dividing them into two parts.
a. Fixed expenses (rent, mortgage, EMI, etc)
b. Variable expenses (grocery, entertainment, etc)
3. Once you have listed your income and expenses, you can allocate your income towards your expenses by keeping your savings goal under consideration.
Have you ever heard of the 50:30:20 rule?
It is a very simple rule to maintain your budget, it comprises three divisions, i.e. utilizing 50% of your salary on your needs, spending 30% of your salary for your desires and securing 20% of your salary for savings.
Creating a budget is a complex process but maintaining it and staying true to it is the real catch.
We can stick to our budget like a pro by simply following some basic strategies:
1. Regularly review your budget and make necessary changes to avoid any discrepancies.
2. Utilizing technology and tools by comparing the prices of the necessary items from different websites and getting hands-on steal deals.
3. Minimalism is also an important aspect, restrain yourself from buying overwhelming stuff that isn’t usable in future.
In conclusion, by following simple practical tips you can create a balance between your needs and desires. Remember, budgeting isn't about restriction; it's about conscious decision-making and aligning your spending with your priorities. Start small, stay consistent, and celebrate your progress along the way. Embrace the journey towards financial freedom, and with dedication and perseverance, watch how your financial landscape transforms for the better.
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