Budgeting

Budgeting is one topic which is very important for everyone. Without budgeting we may end up overspending.

To budget correctly, we need to analyse a few things. The first thing we need to take into consideration is Income.

We should jot down all the income sources that we have. Once all the sources of income are listed we need to make a list of all of our expenses.

This would include daily expenditures, groceries and even the monthly TV subscriptions.

Once all the expenses are listed it would be good to check how much % of expenses is going for each category of expenses.

Once we have both our income and expenses listed we can compare if our income is more than the expenses and how much we are saving each month.

The last and final step would be to list down the debts we have. This can be credit card bills, home loan payments, student loans etc. 

Once you have all these three points listed down start towards removing all the non necessary expenses for eg TV subscriptions not needed, gym memberships which are not being used etc. Once this is done if your income is still lower than your expenses then you would really need to try other options for income like a second part time job or a side hustle job.