Budgets – Organization or Household
Ladies and gentlemen, today, I would like to teach you about household budgeting. Did you know that financial discipline is always a simple thing, but difficult to attain by many people? Have you ever thought that not less than 937 households file for bankruptcy each year because they can not manage their income? Well, budgeting has become an essential tool that everyone needs to embrace in the modern society.
With a well-organized budget, a household will have to enjoy a stress-free life. With a healthy budget in the household, there will be no impulse buying, no over-expenditure and no unnecessary debts. Having a monthly budget will enable a household to prioritize its expenditure, meet all its needs satisfy its financial goals and have enough money to allocate for emergencies and saving plan. Saving, for instance, is necessary for ensuring that that the future of the household and children, in particular, is safeguarded. A family that does not save is not doing justice to itself as well as its future generations.
When drafting a household budget, it s important to have in mind all the sources of income that bring money to the household. These, depending on households, may include base pay, bonuses, interest gains, overtime, gifts, incentives, tax refunds and profits. The identification of income should be the first step in the budget-preparation process because it forms the basis of the plan. Everything that follows is …
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