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What are the important factors I need to take into account when planning a budget?

When doing a budget, you must take into account many factors.

Be thorough in evaluating your income and your expenses. You may have hidden items in each category. For example, bank interest for income and bank charges for expenses. Items may look small, but if you add enough of them up, they can be sizable.

Be honest. Commit to recording every expense. At the end of the month, your items should balance.

Don't be too tough on yourself. A life should contain a little enjoyment. Don't use your budget just as a stick. Put in a carrot, too.

The most important budgeting concept to learn as early as possible is how to plan for savings. Pay yourself first. As you consider all the expenses that you need to pay in any given month, always remember that paying yourself first should be at the top of the list.

 

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