Planning And Budgeting
At the heart of all good savings plans is planning and budgeting. This is pretty simple process that does not necessarily require making sacrifices.
Budgeting is simply identifying your income and expenses, with the aim of being able to increase the income and reduce the expenses.
Planning is looking at how you can achieve your budget.
The first step in budgeting is to write down all the income you receive. Next, write down a checklist of your expenses.
This can take some time but it’s important that you include everything so that you can see your real financial position. If you use credit cards for some of your purchases, take a look at the last couple of statements to refresh your memory on what you’ve been spending on.
Once you do this, you will be able to see how much money you have left to save. You might want to play around with the numbers and reduce some of your expenses, so your savings will grow quicker.
If you haven’t saved much in the past, you may want to start with a small goal, and once you’ve achieved that you’ll be well on your way to achieving a bigger goal.
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