Budgeting: Necessity For Beginners
Budgeting: Necessity For Beginners First of all, let's understand what a budget is. Simply put, a 'Budget' is a spending plan that accounts for income and expenses. Put otherwise, it's a projection of the money you will make and spend over a given time frame, like a month or a year. At its most basic, a budget is a method of keeping track of the money you receive and spend. A budget is a fantastic technique to ensure that you can cover your expenses. In the current financial position, both income and expenses have increased dramatically. When people earn more money, they tend to spend more recklessly, which is a natural human behavior that is being accelerated by using credit cards and loans. However, this is most common among students, and we will focus on fixing this issue mostly for newcomers. Students, in general, do not have a consistent source of income, and because they rely on their elders to cover their expenses, the...