Join Courses
Attend Webinars
Get Free Counselling
  • Select Language
    • Hindi
    • Bengali
+91 9903 222 555
Elearnmarkets - Financial Market Learning
Join Courses Of Elearnmarkets
  • Basic Finance
  • Technical Analysis
  • Fundamental Analysis
  • Derivatives
  • Financial Planning
  • Miscellaneous
No Result
View All Result
  • Basic Finance
  • Technical Analysis
  • Fundamental Analysis
  • Derivatives
  • Financial Planning
  • Miscellaneous
No Result
View All Result
Elearnmarkets - Financial Market Learning
Home Financial Planning
Problem in planning your monthly budget?

A Complete Guide in Planning Your Monthly Budget

Elearnmarkets by Elearnmarkets
February 6, 2016 - Updated on November 18, 2020
Reading Time: 4min read
2
1.1k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp
Table of Contents
Categorisation
Estimation
Past Performances
Flexibility
Evaluation
Bottomline

Do you have a monthly budget of your expense or does the very thought haunts you? Worry less as we attempt to share with the importance of budgeting, which is in short financial planning. 

Monthly Budget, what does this word mean to you? Cutting down costs? Knowing where to spend and where not to? An exercise to remind yourself to stay within your means?

A monthly budget is a mechanism which takes into accounts your monthly income and expenditure so that you have clarity on your cash outlays and plan it accordingly to make it more efficient. Budget allows you to have some control over what you spend.

A well-planned budget can help you to solve where to spend your money, clear your existing debts, plan your future and save every month by reducing wasteful and impulsive purchases.

Monthly Budget Planning

Here’s a comprehensive list to plan your budget effectively:

1. Categorisation–

It is very important to categorize your expenses into two lists; one for necessities and other for extras.

This will help you to cut down the things on your extra list, thus managing your budget. Put a star mark next to the flexible items so as to identify them.

2. Estimation–

The next step is to estimate the things you would require for a month. Once you have sorted out your list, try to get the required things in bulk orders which can help you in fetching discounts.

3. Past Performances-

You can go through your passbook or other receipts or records to have an idea about your expenses. It helps you in making an overall idea and also avoids overbuying anything which would increase your budget.

4. Flexibility–

There should always be a scope for some amount of flexibility in your budget so that you can allocate some amount for some recreational purpose etc to avoid making your budget too restrictive.

Learn from Market Experts :  Capital Budgeting Decisions

5. Evaluation–

Once you have prepared your budget, it doesn’t mean that the work is over.

Rather you should always evaluate your budget every month and if it exceeds your budget, you can look for reasons for the same and take some measure to overcome it or revisit your budget.

Bottomline:

Planning your monthly calendar may seem painful but a good plan can really be gainful and it can restrict you to spend uselessly on unnecessary expenses.

So what are you waiting for? Just go ahead with your budget planning. Someone has rightly said that “the hardest part is getting started”.

Union Budget is approaching. You are very much eager to know more about budget and expectations from our government.

Simply click on Budgeting & Savings.

Keep learning!!

Tags: basicbudget planningbudgetingenglishmoney managementpersonal finance
ShareTweetSend
Subscribe To Updates On Telegram Subscribe To Updates On Telegram Subscribe To Updates On Telegram
Previous Post

5 easy steps to apply for a PAN Card

Next Post

How “risky” is risk?

Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

Related Posts

Financial Planning

Why a Mediclaim Policy is Critical for our Financial Well-Being

February 23, 2021
556
Financial Planning

Fund Manager – Why & How to choose the right Fund Manager?

December 29, 2020
690
Financial Planning

Debt Mutual Funds – Meaning and Types of Debt Funds

October 24, 2020 - Updated on November 18, 2020
429
Financial Planning

5 Products to help us plan for Retirement

October 10, 2020 - Updated on December 2, 2020
822

Comments 2

  1. sherinleeya says:
    1 year ago

    Thanks a lot for this blog.

    Reply
    • Sakshi Agarwal says:
      1 year ago

      Hi,

      Thank you for reading our blog!

      Thank you for Reading!

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Download App

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

GET ARTICLES ON EMAIL

Enter your email address:

Categories

  • Banking
  • Basic Finance
  • Bonds & Fixed Income
  • Budgeting & Savings
  • Capital Markets
  • Charts
  • Charts, Patterns & Indicators
  • Commodity, Currency & FOREX Market
  • Derivatives
  • ETFs & Mutual Funds
  • Financial Planning
  • Financial Statement Analysis
  • Fundamental Analysis
  • Macroeconomics
  • Market Analysis
  • Market Updates
  • Market Wrap
  • Marketshala
  • Miscellaneous
  • Open Interest
  • Personal Wealth
  • Retirement Planning
  • Sector Analysis
  • Tax Planning
  • Technical Analysis
  • Trading Terms, Rules & Strategies
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

© 2020 Elearnmarkets All Rights Reserved

No Result
View All Result
  • Article Categories
  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Market Analysis
  • Miscellaneous
  • Technical Analysis
  • Select Language
    • Hindi
    • Bengali
  • Learn finance
  • Browse Courses
  • Webinars
  • Free Guides
  • Get Free Counselling

© 2020 Elearnmarkets All Rights Reserved