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Budgeting 101

October 12, 2022by fincredit0

A budget is pre-thought plan that guides your expenditure. Financial advisors agree that living within a budget is one of the key ways of staying financially focused and keeping a financially sound life. It is a reliable safeguard against impulse purchasing that more often than not brings with it bouts of regret. Today we talk about basic budgeting tips to help guide your expenditure and give you financial stability.

  1. Pay yourself first. It is critical to set aside money towards your future financial goals by beginning with yourself. Practice prioritizing by starting with yourself. Start by setting aside a monthly amount and keep raising it as your income rises.
  2. Create a list of all monthly expenditures. Classify them into monthly and one-off payments.
  3. Allocate the financial figures for each category before accessing your money.
  4. Before you purchase anything, allow yourself to think it over and if it is not budgeted for, do not buy it.

N.B. Use your budget as a guide in your quest of attaining financial freedom and leading a financially sound life.

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