It has always been a question, how to manage our money and income. It is not an easy process to decide to spend your money. To develop and have a steady lifestyle we anyhow have to understand this control of the flow of money from the pocket. And this is called budgeting. Let us now examine the different ways for the budgeting:
CATEGORIZE THE MONEY WE HAVE
It often happens that we store all the money in the same place and tend to lose altogether. To avoid this it is preferable that we save the money in different places so that there are chances sometimes that some of them remain untouched and will be left as a saving. Another matter is that, some people may remain really helpless in saving their money. They keep on sending it until they realize that major part of their pocket is now empty. So now, let us see which methods to categorize are or our income.
1. Use Several Bank Accounts. The technique of using several different bank Accounts helps you to stay in control. You can divide your income in different banks and classify them as one for bills, one for purchase and other for the unexpected reasons that come on time. As the money is saved in the banks, they will remain untouched other than for the particular reasons.
2. Give Some Amount as a Saving to Some One at Home. Sometimes if we know the place where the money is kept, we may use it without thinking twice about it. And some people are having the habit of lavishness, they often think about the money only after spending it. For this kind of people it is difficult even if the money is stored at different places. So for such people it is good that they allow someone else to keep their money. It is also advisable that you allow your children to do the job. It may create a feeling in them on how to spend the money rather than to misuse the money.
RECORDING THE AMOUNT REGULARLY
If we have a clear idea of what we get and what we need to live at every month, the budgeting will be equal. Often what happens is; many tend to forget this line and go further. And later they end up in a total chaos. Keeping a note/record of the money used is the best solution for this.
1. Keep a Diary on the Money Spent. Keeping a note of the spending always helps us to understand how much did we spent and why did we spend it. So it is encouraged that this practice should be maintained regularly.
ASSESS AND REASSESS YOUR DIARY
It is now ready that you should keep a diary. Moreover, now you should keep the habit assessing and reassessing your budget. It helps you to understand which extravaganza can be omitted.