Money secrets
Welcome my followers.
In this era, the requirements of life have become unprecedented.
The expenses have become many and the obligations are many, so the end of the month does not come until the salary is over.
As for saving, it has become out of reach for many.
Therefore, the need for successful budget planning did not help saving.
To provide you with a decent life today.
Regardless of your circumstances, the minimum you must save is 30 percent of your income.
If you can't do this then there is no hope of financial independence at all.
In this topic, we will learn about three steps that will help you plan a successful budget that enables you to save
One that separates priorities from luxuries
Knowing spending priorities is one of the most important things that help set a budget.
Help to save.
Try to simplify the standard of living and stay away from affectation.
It has been said in effect.
Management is half of living. Things that encourage extravagance are spending money inappropriately and giving preference to luxuries over the most important needs.
A successful budget is determined in the light of priorities and not based on fake social competition.
Family should not be put down by others.
Every family has different needs, so buying a car may be just a luxury that can be dispensed with.
While one of the neighbors is one of the basics to have a patient at home or any other circumstance.
In the absence of distinction between priorities and luxuries, while it must be acquired and bought quickly and what can be postponed, the task of planning a successful budget becomes difficult.
Two earmarked emergency funds
There are circumstances that cannot negatively affect the budget, despite its good planning.
Unpredictable things may happen.
It must be hedged.
They are many, and they may or may not happen, such as illness, car breakdown, or unemployment.
Therefore, it must be an adequate emergency balance, and the least should be the value of three salaries.
Otherwise, you are exposed at any time to a financial crisis that may take months or perhaps years to overcome.
Calculate the emergency account so that you are not among those who blame themselves when the occurrence was not taken into account.
And they don't find cash filling these sudden gaps.
Three Get rid of your debts immediately
What most spoils any budget and stands as an obstacle to the success of saving is the specter of debt.
Whether consumer loans through banks or borrowing from friends and relatives.
Or not paying bills on time.
And let it accumulate.
As it is impossible under these circumstances to make a balanced budget before getting rid of this deducted part.
to pay off debts.
Debt comes only from debt.
If this is the case, you should think seriously and put in place a strict plan to get rid of your debts.
These were three practical steps towards a successful budget that makes saving easier and results better.
And know that the journey of a thousand miles begins with a single step, so do not hesitate, seek the help of God, and set out.
And you will not lose anything, because you make a huge mental effort in worrying about the future and in distress from your financial situation today. There is no harm if you spend a quarter of this thinking in the best solution and good planning.
Thanks for reading and see you soon.