Utility News Desk !!! You will usually hear the word budget only in the month of February. When the government prepares the budget for the whole country. Have you ever wondered how easily the government decides the budget for 1 year for 140 crore people and we are not able to keep track of the money in our house. Due to which there is definitely some tension in the mind. So let us remove this tension of yours and tell you about those tips which will help you in making your home budget.
You must have heard the name of profit and loss account. Actually companies use it in their financial documents. What happens in this is that companies keep the cost on one side and the revenue on the other side. After that, if the cost increases then there is a net loss. And if the profit is more then there is a net profit. In this way you can make your budget sitting at home.
Make a list of your expenses and your income. After this, reduce your expenses as much as possible and then finally try to calculate the net profit. Talking about essential expenses, electricity bill, mobile bill, children’s fees, household essentials, these are the list on which we have to spend. These cannot be cut.
After this, a list comes out in which we can cut down. We can reduce our list of expenses by eliminating habits like going out, eating out, unnecessary shopping etc. After which at the end of the month we can see our net profit i.e. savings.
Take care of emergency fund too
• Keep a small part of your income for emergency fund as well. Who can help you in case of emergency? However, it is not like if there is no emergency in the month then you can use that money for other things. Try to add the money you earn. This means that in a way you are saving.
• By making a list, you will know which expenses are useful and which are not. In this way, you can easily reduce your list of expenses.
