What are the rules you must strictly stick to when budgeting?
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What are the rules you must strictly stick to when budgeting?
Calculate your income, figure out what budget method works fine for you. You can start with daily budgeting so as not to get worked out. 50/30/20 is a good way to start, you can budget on 50% of your income, leave 30% for wants and needs and save the remaining 20%. Track your progress with the use of budgeting tools, revisit your budget plan as at when need be. Good luck.
The best way to budget and plan effectively is to manage and know where all the sources of your money- where it comes from. While that is important, what is also important is knowing where all your money goes. It’s no joke that a lot of people receive money and before they know what is happening, all the money is gone. They don’t even know what they used it to do. Know where all your money goes to. Write down everything you spend your money on, set realistic budget and be ready to adapt to changes. When you do this daily, it turn into weeks then it becomes a usual habit.