![]() ![]() She is going to charge a small fee (\(\text\) a night. If your income is more than your expenses, then you should plan to save the extra money. If your income is less than your expenses, then you need to revise it until the two sides balance. An ideal budget should include a plan to save money for the future, or to pay off debts to allow for savings in the following months.If too much of the income is spent on non-essential items and not on savings, your budget is going to become problematic in the future. It should focus on the high priority items (essential items such as food and health care). A household budget is an essential part of taking control of your personal finances.It should be realistic, so that you can keep to it.It should list all of the items that are needed and should try to anticipate unforeseen expenses.Let’s take a look at the different categories and the recommended budgeting percentages to manage your money. There are several things you should aim for in your personal budget: Budget Percentages Dave Ramsey Recommends. Your budget should help you to get the most out of your money and will help to enable you to have enough money to cover all your expenses. You might already know exactly how much your income is, if it is fixed. ![]() To produce a budget you need to estimate what your income and expenses should be for a given month. Budgeting includes normal monthly budgeting and budgeting for particular expenses, such as an expensive item that you want to buy, a project or a trip overseas. However, you can plan to save some money that you can use in the event of an unexpected expense. Budgets are often estimates, because you cannot easily include unexpected expenses in a budget. 8.4 The difference between budgets and statementsĨ.3 Personal budgets, and income and expenditure statements (EMG5G)ĭrawing up a budget is a good way to plan your expenditure based on how much money you expect to receive. ![]()
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