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Budgeting Basics

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11 views1 page

Budgeting Basics

Uploaded by

kotat38054
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Budgeting Basics

Budgeting is an essential financial skill that helps individuals and families manage their
income and expenses effectively. A budget serves as a roadmap, guiding financial decisions
and ensuring that money is allocated to priorities while avoiding unnecessary debt.

Key Steps to Create a Budget:

1. **Assess Your Income**: Calculate your total monthly income from all sources.

2. **Track Expenses**: Record every expense to understand your spending habits.

3. **Categorize Spending**: Divide expenses into fixed (rent, utilities) and variable
(entertainment, dining out).

4. **Set Financial Goals**: Define short-term and long-term goals, such as saving for a
vacation or building an emergency fund.

5. **Adjust and Monitor**: Regularly review and adjust your budget to stay on track.

By following these steps, you can gain better control over your finances and work toward
financial stability and growth.

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