KONTRIMAN MONI: NEW YEAR, NEW FINANCIAL PLANS

It’s the New Year which means new plans. The previous year may have been filled with financial uncertainty some of which may have been our own doing. It is therefore wise to make necessary preparations to ensure a stable financial New Year.

One of the most important financial tools is budgeting. Budgeting is a simple financial estimation or preparation that helps us stay within a plan or within certain boundaries.

A budget can be used in any financial situation. A budget is simply estimating how much money you will receive or knowing how much you already have, then planning what you need.
The most important aspect of a budget is discipline. You have to be disciplined for you to see the effects of a budget. You also have to try as much as possible to spend on only necessary things.

Tips for Budgeting

1. Be disciplined.
2. Don’t make unnecessary purchases.
3. Keep a savings account.
4. Don’t starve yourself or make excessive cut backs. Because you will be more likely to totally relapse.
5. The company you keep matters. If you move with people that spend excessively then you might be tempted to try and keep up.
6. Make sure you keep track of your expenses and income.

In all a budget is there to help you achieve your financial dreams. It can liberate you from a lot of financial headache. So this New Year, make sure that every money coming in and going out is being accounted for.