No matter how much money you earn, but if you do not use your money properly, then the money will not last long and financial pressure will also come on you. So to avoid such a situation, it is very important for you to keep track of your expenses so that we can get information about the expenses on each and every thing and accordingly we can spend some part of our income on those things. That we can spend our money by making a budget. By making a home budget, we will not only know about our expenses, but we will also know about which expenses we have to stop.
• Meaning of budget :-
stimating the expenses to be incurred on various things and spending money on those things according to that estimate, this is what we call budget.
For example, if you have thought of spending 15 lakh rupees to buy a car, then it means that your budget for buying a car is 15 lakh rupees.
• Remember these things while making budget :-
1) Due to making the budget of the house, do not impose excessive restrictions on the expenses of your family members.
2) Sometimes such things may happen due to which your household budget may be shaken by increasing your expenses, so you should be prepared for that in advance.
3) Don’t cut down on your basic expenses like kitchen essentials and essential medicines.
4) While making the budget of the house, keep in mind your wasteful expenditure and cut it.
5) While making the budget of the house, pay attention to your small and big expenses and make your budget keeping the important things in mind.
• Benefits of budgeting :-
1) You get to know about your expenses.
2) You can reduce your expenses by curbing your extravagance.
3) You can save money for your future.
4) You are able to use your money properly.
• Include these things while making a home budget :-
1) Keep track of basic expenses :
While making the budget of the house, whatever your basic expenses are for the whole month, whether it is grocery, vegetables or whatever small and big expenses of the month, with which your house runs, you should make a list of all those things and add all those things. Calculate how much money you spend in this, by this you will get to know your basic expenses and you will be able to withdraw that much money from your total income.
2) Keep in mind the additional expenses :
You can include additional expenses like shopping, mobile recharge, vehicle maintenance, medicine expenses or many other expenses like these in additional expenses and withdraw that amount from your income.
3) Emergency fund :
If someone suddenly falls ill in your family, someone has an accident or any such incident happens where a lot of money is needed all of a sudden, then at such a time you do not face any financial problem, so you should plan in advance. Save some money as an emergency fund so that you can use it at the last moment.
You can withdraw five to ten percent of your month’s income or year’s income for emergency fund and increase it over time.
4) Wasteful expenditure :
Whenever you calculate for a month, then definitely see what are the things on which you are spending wastefully, such as shopping in the wake of tempting skims or sales, spending to fulfill some of your hobbies, Wasting money by falling into bad habits, going to watch movies every week in the name of entertainment or eating more food outside means hotel food can be many other such things, then you should put a stop to all those expenses because these things are part of your household. spoils the budget.
5) Taxes and School / College Fees :
There are also some expenses on which you cannot put a stop, such as your house tax, income tax, school or college fees. So keeping all these expenses in mind, make your home budget.
6) Big Expenses :
Your years of hard work goes into big expenses, there are many such big expenses like getting married, buying a house or a car, investing a lot of money in a business or there are many other reasons for your years of hard work. Money is spent. That’s why you must include these big expenses while making your home budget.
7) Online Payment :
Nowadays, people are using online payment to buy every small and big thing, since we are giving money online, many times we forget to keep account of small and big online transactions and later After going, we are not able to calculate our expenses properly. That’s why do include small and big online transactions while making your home budget.