How to Handle the Monthly Budget Within a Desired Limit
posted on 26 October 2011 | posted in
Business and Finance
Keeping records is the best way to handle the expenses within the very best limits on a low budget. It's no different if you're a company or an individual paying bills to keep a roof over your head. Companies want to avoid being added to the insolvency register, and individuals want to keep their house!
As for me, I keep my records monthly and do the withdrawals only which are enough for that particular month. First I categorized my expenses for example the categories are food, transport and other expenses like electricity bills, cloths etc. Then I did a rough estimate for each category and sum the total. Then I have a clue of the total monthly expenses and withdraw that amount from the bank and promise myself for no more withdrawals for that month. I do shopping once a week most of the foods which are need in a bulk was taken from the whole sale shops which makes my bills in a lower level. Thus at the end of the week I know how much I spent and how much is remained in my hand which helped me to plan my next week shopping. At the end of the month I can judge whether the withdrawals are enough and can adjust the next month withdrawals according to that
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