Regardless of the number of things you read, if you don’t put it into practice, it will never happen. Keeping a budget is crucial. It contains your income, expenses, savings, investments, financial goals and timeframe. India’s First Free Online Financial Advisory, Moneymindz
If you think budgeting restricts you, then you could not be more wrong. Budgeting is like discipline, it doesn’t restrict you, it makes you better. We discipline children to make them disciplined people. Similarly, a budget teaches you to be disciplined with your money.
This is because in the absence of a budget you tend to waste valuable money on mostly useless items and later regret having spent that money (some intellects don’t even realize that they are wasting their money!) India’s First Free On call Financial Advisory, Moneymindz
How is budgeting beneficial?
A budget is a basic tool in your financial arsenal. Budgets act as your financial roadmap. Here is how budgets can be helpful.
1. Control is in your hands
Without a budget, your money isn’t in your control. But with a budget, your money is in your control. By creating a budget, you list out and categorize where you spend money every cycle. Thus you’re constantly aware of how much is going where. Certified Financial Planner Kuber Mindz Moneymindz
2. Recognize wasteful expenditure
With instant gratification and greed controlling us and with easy access to money, it isn’t easy to resist the urge to look at advertisements thinking “I want this!” Without a budget, this problem only becomes worse. If you have a budget, you can at least tell yourself that this isn’t in your budget, that is a wasteful expenditure you are about to make and so on.
3. No regret
Since it’s easy to waste money on whims when you don’t have a budget, you crib later on that you wast3d money. You won’t have to regret and crib if you have a budget because you won’t make that wasteful expenditure in the first place if you have a budget. If you don’t regret, then you will be joyful. Kuber Mindz, Smart Financial Advisor
4. Less debt, more savings
Without a budget, you make several expenses and get into debt unnecessarily. But if you have a budget, you will think twice before making a purchase. Thus, you will clear your existing debt, save for the future to ensure you don’t have to take on more debt. Since you have a budget, you will save more and spend less.
For more information visit www.moneymindz.com or give a missed call to 022-62116588