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STEPS TO MAKING A SUCCESSFUL BUDGET
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1.Calculate your expenses
Record your expenses daily,even the smallest i.e.Bank&Mpesa charges, Snacks,tips
This will give you an accurate financial picture of your expenses
Record your expenses daily,even the smallest i.e.Bank&Mpesa charges, Snacks,tips
This will give you an accurate financial picture of your expenses
2.Determine your income
Besides your regular income, add any extra income you get. i.e side hustles, interest and dividend
Besides your regular income, add any extra income you get. i.e side hustles, interest and dividend
3.Set savings and debt payoff goals
If you make more money than your are spending, save the extra money
If you spend more than you make, do some cutting to avoid debt and have something to save
If you make more money than your are spending, save the extra money
If you spend more than you make, do some cutting to avoid debt and have something to save
4.Create a financial plan
Make a plan of estimated income and expenses based on future objectives for a defined period
A plan helps your prioritize your spending
Make a plan of estimated income and expenses based on future objectives for a defined period
A plan helps your prioritize your spending
5.Track progress
Record all your expenses and income and evaluate them based on your financial plan forecast
Record all your expenses and income and evaluate them based on your financial plan forecast
6. Be realistic
When making your budget be real in terms of your expenses, income and financial forecast
Its ok to go off your budget once in a while,provided you get back at it ASAP
When making your budget be real in terms of your expenses, income and financial forecast
Its ok to go off your budget once in a while,provided you get back at it ASAP
