The Art of Budgeting

 

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The third topic that explained by group three is about the art of budgeting. First, they said the art of budgeting is how we can use money be effective with step by step and make the planning of saving and spending.  The art of budgeting is really important because if we have a income and we didn't make the detail of our outcome maybe your outcome more than your income so with the detail you can manage your spend and saving. after that they explained about personal and financial situation. whenever, personal and financial situation consist of needs (what you really need) , values (something which have a value of your life), and life situation (something  due with yourlife). 

They also explained about set personal and financial goals. If you want to make a personal financial so something you must do is don't owe. You also make a plan for retirement because you must have the target because if you already 60 years old you should be retired. They said that you must have a fund for emergency situation, health goals, insurance to cover your life, family goals, educational goals, social goals, and financial goals. 

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If you want to make your budget expenses for a month so you must know your income per month after that you must know what is the fixed expenses and variabel   expenses. Usually, the fixed expenses include rent, car insurance, car payment, credit card. And the variable expenses usually include saving, food, utilities, etc. Your expenses should be balance with your income, if your expenses more than your income so you must decrease your expenses.