| Author: Dr Sachine (Eye Retina Surgeon) 13 May 2009 Member Level: Diamond Points : 8 (Rs 8) Voting Score: 0 |
. Find out total income of all members
. Find out total expenses of all members
. See how many earn & how many are dependent
. Divide total income by no. of family members. This gives a rough idea of amount you can spend per head. But you shouldn't spend this amount. You have to save for future.
. Find out the most essential needs where you must spend.
. Cut down unnecessary expenses - eating in hotels, unnecessary extra shopping, etc.
. Avoid travelling by car. Use Govt bus whenever possible.
. Find out where do you get good household things, grocery at proper rates.
. Try to progress in life & search for a better job. You have to earn more.
. Plan for next 5 years. Try to save tax by doing savings like - savings in post schemes, mutual funds, etc. You can take "Life And Health Insurance"
. You can save tax by taking house loans. Now interest rates have dropped.
Read -
Housing Loans -interest rates have dropped
Life And Health Insurance
. Keep your requirements as minimum. Save on electricity bills. Do small household work yourself rather than appointing a servant.
. If you are using a vehicle, go for the brand which gives more mileage rather than the one which gives more attractive appearance. e.g Go for hero honda bike rather than Bajaj pulsar
. Don't compromise as far as health & nutrition is concerned.
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| Author: Ram Swaroop Bhavanasi 23 May 2009 Member Level: Gold Points : 2 (Rs 2) Voting Score: 0 |
Dear Friend,
It is one of the best techniques and a great art to have and effective and efficient home budget. Though it is a great art, it can be easily learned by following some simple principles or rules.
One need to analyze the exact standard income from all the sources let them be small or big.
Then one need to estimate the regular recurring costs and expected one time expenditure for next 12 months.
Then one need to see if the estimated expenditure matches with the expected income, if the figure has right match proportion, then one should think about possibility of savings.
If the expense figure is a bit higher than income figure, one should try to identify the least preferred expenses, which should be avoided strictly to keep the income in a right track of expenses.
The above said principles can be followed as thumb rules, but one should have great determination to keep expenses under control to have a peaceful and planned budgets in life.
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| Author: Vipin lal 03 Jul 2009 Member Level: Silver Points : 6 (Rs 4) Voting Score: 0 |
Anybody who want to make proper budget plan for their home should do the following steps:
1)Tabulate all your income sources for the month.
2)Tabulate all your expenses for the month.
3)Make sure that your expenses are lesser than your income.If not try to cut down some unnecessary expenses such as buying a TV or other unnecessary shopping.
4)Don't take loans if it is not urgently needed.Taking loans means you are increasing your expenses in the future.
5)If you have any extra money then you can open a currents account in a good bank and deposit your money there.This will increase your income in the future because the money you are depositing now generate interest every month.
6)If you have any unused land then you can either try selling them or try giving the land to some one for rent.The same goes for any extra houses you have.
7)Another thing to take care is that if you are someone who is interested in stock markets then please do it with care because the share prices are changing rapidly.You may lose your money if you are not careful.
8)Currently the inflation rate also changing.So the commodities price may change rapidly.So you should take care of these aspects when fixing your budget.Always keep some money for miscellaneous expenses.
Thanks
vipin
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| Author: Harish Jharia 03 Jul 2009 Member Level: Gold Points : 5 (Rs 3) Voting Score: 0 |
Hello [Anonymous],
Here is a sample budget / financial planning for an average family:
1. Salary 30,000 (+)
2. House rent 6,000 (-)
3. School Fees 1,500 (-)
4. Milk 600 (-)
5. News Paper 150 (-)
6. Tele / Mobile 1,000 (-)
7. Savings 10,000 (-)
8. Electricity bill 2,000 (-)
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Balance 8,750 (+) approx
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Now we have 8,750 cash for spending on different accounts on day-today basis.
It would be a good idea to have one envelope each for different purposes on which we want to spend this money. Have envelopes of thick paper and write with bold permanent marker on each of them the name of the account on which we want to reserve money.
For example they may be as follows:
1. Cash in hand 8,750 (+)
2. Entertainment 1,000 (-)
3. Grocery 3,000 (-)
4. Vegetables 1,000 (-)
5. Fruits 800 (-)
6. Stationary 500 (-)
7. Miscellaneous 1000 (-)
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Balance 1,450 (+) approx
---------------------------------------------------------
Keep all the above money in respective envelops and spend accordingly in the month.
Hey we still have 1,450/- in our pocket. This is a wild estimate based on imaginary income and expenses. You need to take an idea of the pattern and the system and make this domestic budget on MS Excel.
All the very best for your Budget and happy Earning, Spending and Saving…
Regards
Harish Jharia
Editor, IndiaStudyChannel
“Do we have a child within us…?”
3 July 2009
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| Author: dharunya 08 Jul 2009 Member Level: Silver Points : 1 Voting Score: 0 |
1.to calculate total salary of our family.
2.reduce long distance of travelling by car.
3.To avoiding party.
planning is must to buy and sales.
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