Money is a valuable resource that is earned through hard work and lots of efforts. Not people have the resources to fulfill all of their needs and desires. The amount of funds in hand may not be equal to the amount of expenses made by the individuals. To avoid this discrepancy or deficit it is important that every individual should do budgeting and financial planning.
What is personal budgeting?
The process of making a plan to chalk out your expenses and income details is called budgeting. In other words it is a process of planning how to spend your money. The benefit of making such a budget or plan is that it allows you to assess whether you have enough money to settle your upcoming expenses or not. In case the budget shows a deficit this means that you do not have enough money for all your spending activities. So you will need to prioritize your spending patterns. Things that are most important and essential should be brought about on the top.
File Format: Microsoft Excel | File size 70 Kb | Editable | Printable | Download
File Format: Microsoft Excel | File size 143 Kb | Editable | Printable | Download