Budget is a financial plan that provides a good view of your finances, helps make your financial goals a reality and lets you live a stress-free life. The plan, usually for a specific period like a month, shows where your money comes from, and where it goes – whether towards essential expenses, discretionary expenses, debt repayment, savings or investments. We all know how important it is to live within our means – a budget is the tool that helps us achieve that.
One of the popular budgeting philosophies is a 50/30/20 model, where half of your income goes towards needs, 30% towards wants and the remainder towards savings and debt repayment.
Use our free budgeting template to start creating your budget today!