can you please help in maths project which is. the planning the budget of 2 families
KDRaika123:
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When I make a budget, I focus on two kinds of amounts:
Planned amounts- what you think your income and expenses will be.
Actual amounts- what the income and expenses actually were.
If you’ll notice, I didn’t mention “ideal amounts.” A budget is a planning tool, and it is most effective when it is realistic. It’s not the place for what you wish the numbers were. Once the budget is set up and you can see where your money is really going, there will be plenty of opportunities to change your spending.
If a budget is too complicated, you won’t use it, so let’s just go through the steps to create a simple, workable budget. You can use a piece of paper, a spreadsheet, or budgeting software.
Most people find it easiest to look at monthly amounts since so many bills are paid once a month.
Start with your income.
Add up your expected monthly income, plus any side income. If you are paid at odd intervals, just get as close as you can. You might want to take your annual income and divide by 12. If your income is uncertain, then choose an amount that is realistic, but conservatively low. You can always adjust it later.
Next, list your expenses.
It’s tempting to set up a lot of categories, but don’t go overboard. If you’re doing it on paper, just use general categories. If you’re using software, you could create more as you need them.
I tend to use these general categories:
Tithes and giving – I wrote about tithing earlier.
Debt payoff – Paying off any kinds of debt should be a high priority. It will free up your income for future opportunities when you are not burdened with the monthly payments and interest.
Home – Rent or mortgage payment, insurance, property taxes. You could even include home repairs and furnishings in this budget category.
Utilities – Monthly bills for water, electricity, gas, phone, internet, cable.
Car – Car payments, gas, insurance, repairs, registration, inspection, tires.
Healthcare – Doctor visits and prescriptions.
Food – Groceries and dining out. I separate the two because groceries are essential, but eating out is an indulgence.
Personal – Clothing, hair cuts, wants, entertainment.
One-time or big expenses – I set aside money each month for any big-ticket items before buying them.
Grace – A buffer for mistakes and unexpected events helps you stick to your budget.
The amounts that you think you will pay go in the Planned Amounts column. During the month as you go through your receipts, you will update your budget with the Actual Amounts in the second column. The main goal is for the expenses to be less than the income.
Hope u like it
Planned amounts- what you think your income and expenses will be.
Actual amounts- what the income and expenses actually were.
If you’ll notice, I didn’t mention “ideal amounts.” A budget is a planning tool, and it is most effective when it is realistic. It’s not the place for what you wish the numbers were. Once the budget is set up and you can see where your money is really going, there will be plenty of opportunities to change your spending.
If a budget is too complicated, you won’t use it, so let’s just go through the steps to create a simple, workable budget. You can use a piece of paper, a spreadsheet, or budgeting software.
Most people find it easiest to look at monthly amounts since so many bills are paid once a month.
Start with your income.
Add up your expected monthly income, plus any side income. If you are paid at odd intervals, just get as close as you can. You might want to take your annual income and divide by 12. If your income is uncertain, then choose an amount that is realistic, but conservatively low. You can always adjust it later.
Next, list your expenses.
It’s tempting to set up a lot of categories, but don’t go overboard. If you’re doing it on paper, just use general categories. If you’re using software, you could create more as you need them.
I tend to use these general categories:
Tithes and giving – I wrote about tithing earlier.
Debt payoff – Paying off any kinds of debt should be a high priority. It will free up your income for future opportunities when you are not burdened with the monthly payments and interest.
Home – Rent or mortgage payment, insurance, property taxes. You could even include home repairs and furnishings in this budget category.
Utilities – Monthly bills for water, electricity, gas, phone, internet, cable.
Car – Car payments, gas, insurance, repairs, registration, inspection, tires.
Healthcare – Doctor visits and prescriptions.
Food – Groceries and dining out. I separate the two because groceries are essential, but eating out is an indulgence.
Personal – Clothing, hair cuts, wants, entertainment.
One-time or big expenses – I set aside money each month for any big-ticket items before buying them.
Grace – A buffer for mistakes and unexpected events helps you stick to your budget.
The amounts that you think you will pay go in the Planned Amounts column. During the month as you go through your receipts, you will update your budget with the Actual Amounts in the second column. The main goal is for the expenses to be less than the income.
Hope u like it
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