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Home Financial Planning
Problem in planning your monthly budget?

A Complete Guide in Planning Your Monthly Budget

Elearnmarkets by Elearnmarkets
April 20, 2024
in Financial Planning, Budgeting & Savings
Reading Time: 4 mins read
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Table of Contents
Categorisation
Estimation
Past Performances
Flexibility
Evaluation
Bottomline

Do you have a monthly budget of your expense or does the very thought haunts you? Worry less as we attempt to share with the importance of budgeting, which is in short financial planning. 

Monthly Budget, what does this word mean to you? Cutting down costs? Knowing where to spend and where not to? An exercise to remind yourself to stay within your means?

A monthly budget is a mechanism which takes into accounts your monthly income and expenditure so that you have clarity on your cash outlays and plan it accordingly to make it more efficient. Budget allows you to have some control over what you spend.

A well-planned budget can help you to solve where to spend your money, clear your existing debts, plan your future and save every month by reducing wasteful and impulsive purchases.

Monthly Budget Planning

Here’s a comprehensive list to plan your budget effectively:

1. Categorisation–

It is very important to categorize your expenses into two lists; one for necessities and other for extras.

This will help you to cut down the things on your extra list, thus managing your budget. Put a star mark next to the flexible items so as to identify them.

2. Estimation–

The next step is to estimate the things you would require for a month. Once you have sorted out your list, try to get the required things in bulk orders which can help you in fetching discounts.

3. Past Performances-

You can go through your passbook or other receipts or records to have an idea about your expenses. It helps you in making an overall idea and also avoids overbuying anything which would increase your budget.

4. Flexibility–

There should always be a scope for some amount of flexibility in your budget so that you can allocate some amount for some recreational purpose etc to avoid making your budget too restrictive.

Learn from Market Experts :  Capital Budgeting Decisions

5. Evaluation–

Once you have prepared your budget, it doesn’t mean that the work is over.

Rather you should always evaluate your budget every month and if it exceeds your budget, you can look for reasons for the same and take some measure to overcome it or revisit your budget.

Bottomline:

Planning your monthly calendar may seem painful but a good plan can really be gainful and it can restrict you to spend uselessly on unnecessary expenses.

So what are you waiting for? Just go ahead with your budget planning. Someone has rightly said that “the hardest part is getting started”.

Union Budget is approaching. You are very much eager to know more about budget and expectations from our government.

Simply click on Budgeting & Savings.

Keep learning!!

Tags: basicbudget planningbudgetingenglishmoney managementpersonal finance
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Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

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Comments 2

  1. sherinleeya says:
    5 years ago

    Thanks a lot for this blog.

    Reply
    • Sakshi Agarwal says:
      5 years ago

      Hi,

      Thank you for reading our blog!

      Thank you for Reading!

      Reply

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Disclaimer

Elearnmarkets (Kredent InfoEdge Pvt. Ltd.) is a SEBI-registered Research Analyst (RA) entity (SEBI Registration No.: INH300007493). The information provided in this article is for educational and informational purposes only and should not be considered as an offer to buy or sell any securities or investment products.

The stocks, securities, and investment instruments mentioned herein are not recommendations under SEBI (Research Analysts) Regulations, 2014. Readers are advised to conduct their own due diligence and seek independent financial advice before making any investment decisions.

Investments in securities markets are subject to market risks. Please read all related documents carefully before investing. Investing in Equity Shares,
Derivatives, Mutual Funds, or other instruments carry inherent risks, including potential loss of capital. Elearnmarkets (Kredent InfoEdge Pvt. Ltd.) does not provide any guarantee or assurance of returns on any investments. Past performance is not indicative of future performance.

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