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  • Category: Miscellaneous

    Do you prepare monthly or annual budget for your home?

    Budget is very important in every field. Generally govt. present budget in the parliament. This budget contain every financial aspect and provide a clear picture of our income and expenditure. We should also prepare our monthly or annual budget for our home. I will really help us to observe our income and expenditure.

    Do you have a habit to prepare home budget monthly or annually. I prepare annual budget and try to follow it.

    Dear members, please share you experience in this thread.
  • #711631
    Budget is something related to planning. A financial budget will talk about our expected income and probable expenses and excess funds or fewer funds. If funds are more how to save them and if funds are less how to earn that funds.
    I am not in the habit of making a yearly budget. But I will make a monthly expenses statement and income statement. That will give me an idea about my financial position that month. In some months we may be getting some additional expenses. Those expenses may be planned or even unplanned also. I will try to arrange funds from the reserves for that additional expenses. Generally, I will not go for loans. I will plan the expenses within my income levels only.

    always confident

  • #711632
    I have a habit of jotting down my annual expected approximate expenses and that gives me an idea of my monthly expenses. I do not have any Govt pension as many of our old people are getting and comfortably sitting in their houses. So I have to mange my expenses from the interest of the funds that I got at the time of my retirement. Those who have unlimited money do not require a budget. At the same time those who have limited sources must plan their expenses. While preparing our budget we should keep sufficient scope for unforeseen medical expenses.
    Knowledge is power.

  • #711633
    Surely the income and expenditure for the family is planned and festivities that are offing during the months and the expenses involved would also be taken into account. For us the last four months of the year are heavy expenditure month. Dassera, Deepavali and death anniversaries of my elder brother, father and mother would come and the expenses would be high. And when the children were school going the June and July month would be hectic expenses for fees and books. Like this we have to envisage lots of advance money which has to be kept aside to meet the expenses. And this does not include anything for the disease or hospitalization that has not happened so far. Nevertheless for the middle class we have to plan according to the pooled income of entire family and that where we stand winning with least expenses.
    K Mohan @ Moga
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #712066
    Budget is a very nice tool to maintain the expenses of the house. It's important that we maintain a budget both annual and monthly, as it helps us in tracking our finance on a daily basis.

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