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  • Category: Miscellaneous

    Do you prepare budget at home?

    Price rice is a big problem for common man in present scenario. Our income is limited and expense is increasing day by day. For balance between income and expenditure, We should prepare a monthly budget.
    Do you prepare your monthly budget at your home?
  • #595153
    Yes for a middle class family like us we have to swim within the available water and we have to spend money as per the income and in that we have to keep aside some money for emergencies like Medical and other happenings. Our income is fixed and cannot think of increment at least for a year. But the prices of essentials and groceries and even vegetables keep on increasing and we have to plan the budget very carefully. Surely unwanted expenses are avoided and no over riding purchases can be even thought off. Some times we have to force purchasing essentials to next month. I make a careful budget so that nothing should go wrong.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #595180
    Preparing budget is a good habit. It is required for all. Otherwise we don;t know how much we are spending, how we are spending, are we on right track. Once we prepare a budget every month we should review our budget and expenses and see whether we are going wrong anywhere. Our budget should be realistic basing on our income and family size.

    For middle class man some times some unexpected expenditures will be coming. To address that they should allocate some money from the income and keep it. When ever there is an exigency that amount can come in handy.
    Every month myself and my wife sit together to review the expenses and budget.

    always confident

  • #595183
    There was a time when I used to prepare a budget, even going to the extent of keeping money aside in different envelopes, marked with what the money was meant for. I would also maintain an expenditure diary and would religiously jot down every single rupee that we spent.

    However, over the years I have learned the art of managing money and have hence stopped budgeting. It is I who do the monthly shopping, so I know our monthly expenditure is of an X amount and we withdraw that amount from the bank, each month. We do not cross that sum, and generally have some money left at the end of the month, that I carry forward. So, basically, we spend within a budget, without actual budgeting.

    "A love affair with knowledge will never end in heartbreak" - Michael Garrett Marino

  • #595191
    Yes, we prepare budget for our home expenses. That is why we could make the income and expenses match or meet and save something also. However sometimes the budget gets exceeded due to some unexpected expenses or some festival season, guests etc. But overall we are able to manage well without much hassles. Of course we spend for the normal necessities and do not splurge or indulge in luxury.
    During the period of demonetisation we did not and could not prepare any budget, as we were compelled to make do with very minimal amount of cash. Crowds and uncertainties prevented us to go to bank frequently. Now again after things are back to normal our budgeting exercise also has resumed..

  • #595772
    We are living in countryside but have never made any kind of budget for family expenses specially for monthly expenditure.
    In Country side there is nothing nothing sure neither you can make some kind of fix budget.
    There are always uncertainty over there.
    We may face any kinds of family friends without any notice and unexpected demand.
    Few things we get from friends some time even very frequently some time after very long time.
    There is nothing fixed thing you can thoughtout due to the extreme conditions.
    Villagers are so cl;osely bounded with everyone that we may have to go out of our pocket for others real need.
    We are also engaged with small quantum of farming so that also uncertain us from making fixed financial plan.

  • #595809
    Budget is a plan of the envisaged expenditures and we definitely plan our monthly budget well in advance to keep a track as well as control on our expenses.

    Most of things are well known but there are certain expenditures which crop up suddenly without notice and make our financial conditions miserable. So that is the reason why a good part of our income should be earmarked for reserve or savings. This is the kitty which is going to help you in rainy days.

    The most challenging expenses are for medical care for which we must put some money for health insurance of all the members of the family.

    Leading a luxurious life by overspending from your budget and compensating it by taking loans is another mistake which people often do and are trapped in the never ending cycle of taking loan and repaying it.

    So not only making a judicious budget but also sticking to it firmly is required if you are really interested in administering a good and healthy family budget.

    Knowledge is power.

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