Successful Budgeting

Budgeting is the process of estimating the amount of income that you're making against your expenditures over a period of time. Budgeting is a good habit that helps one make sure they stay on top of their financial records, helping you to keep your expenses under control and thereby avoiding unnecessary debt. Including unforseen expenditures in a budget is a must as these always happen at one time or another.

Budgeting helps us to identify and understand our income patterns and expenditure habits. Understanding those dynamics will help one to make good financial decisions, seeing where to cut costs, how to save.

In coming up with a budget one has to take note to be realistic, plan ahead and prioritize. At the end of the budgeting period, for example, a month, one has to evaluate the budget and course correct in order to gain insight on what is working for them and what isn't.

My initiative and goal is to engage in successful budgeting and stick to the budget on a monthly basis. Not only that but to share tips with others around me so that friends and family also keep their financial lives on point.