Making a Budget and Keeping It

BUDGET is simply a plan on how to spend your money. It's a way to balance the money you have with the money you spend.

You create a plan by making choices. You decide on what you will spend the money on, how much money you want to spend, and how much money you want to save.

Your plan is based on your income and expenses. Since every person's income and expenses vary, your plan needs to fit your situation. Your budget is based on your goals, needs and wants.

Let's take a look at some examples:

Own a Car Food Fine dining
Own a Home Shelter Resort-like bungalow
Get Married Clothing Expensive branded clothes
Set up a business Quality time with family Expensive vacations
Provide good education to children Car/ Motorcycle Luxury car
Retire comfortably Mobile phone Latest full-featured phone
Contribute to charity Computer Most advanced computer
Etc, etc, etc...