Tip Of The Week 3 easy steps for creating a practical monthly budget

A monthly budget can help you plan for your financial future, pay off debt and improve your saving habit by reducing impulsive purchases.

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(The Grio)
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Budgeting is one of the easiest ways to curtail spending and ensure financial success.

A monthly budget can help you plan for your financial future, pay off debt and improve your saving habit by reducing impulsive purchases.

Here are three easy steps for creating a workable monthly budget:

  1. Know how much you make: To create a budget, you need to accurately track how much income you make on a monthly basis.

  2. Track your expenditure: It is essential to track your money and find out where (and how) it goes before creating a budget. Write down a list of every expense you incur so that you can know which are necessary and which should be cut down.

  3. Set a goal: Now that you know how much you make and how much you usually spend, it’s time to decide your ideal expenditure and savings for the month and make it a reality.

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