Do You Make a Personal Budget?

[Maria2]

Making a budget is very important for everyone, not just certain segment of the society or certain group of people. Making a budget means you know much money you can spend and how much money you can save or invest. If you want to save money, invest money, pay off your debt, avoid getting into debt, buy assets, enjoy your life, you should start making your budget. If you are a student, it is very likely that you have limited income (either through a part time work or allowances you receive), it is also very likely that you have a loan (student loan). If you create your monthly budget, you will be able to manage your income properly, you might even have spare money to pay off your loan. However, while making your budget you need to as much realistic as possible. You should not be carried away to set budget for non essential items, or try to set higher amount for saving which might not be possible considering the money you earn.

 

[Debashis]

Yes, I make a personal budget every month depending on the plans I have. Every month on the 1st, I take some time out of my day and make a list of the expenses I might have during the month and then estimate if the total expense would be under 50% of my income. It comes within that limit, it's all good. If it doesn't, I review the list again and see what's not really necessary this month and what can be planned next month as well, then try to adjust accordingly. This way I don't end up spending all my money and end up having 50% of it for saving and investments.

 

[Bizdustry]

Yes, I make a personal budget. My budget is 20/30/50. 50% on needful, like electric, food, water, transport and so forth while 30% goes on my wants or luxuries and the final 20% goes to savings