Home
>
Personal Finance
>
How to Draw a Personal Budget that Works

How to Draw a Personal Budget that Works

Many people spend their little income haphazardly without any planning and end up getting broke before month-end. They then borrow to make ends meet and end up with more problems that they fail to repay their debts promptly.

However, this is not a prudent way of managing your personal financial affairs. Planning your personal financial affairs through prioritization of needs and budgeting income and expenses is the best way to achieving success in managing your financial affairs.

It is important first to assess your financial needs in the short, medium and long term. What are your financial objectives? What do you want to achieve in the course of time? Do you have any targets? What is your short, medium and long term needs? List all of them down.

Next categorize income and expenses on a monthly basis. Then prioritize expenses into most important, important and most important. You can use any other weighting or prioritization formula that works best for you.

After this assess costs based on consumption per month. Put figures to the expense items. Then write down your income sources and the amount you earn per month from them. List the income on the left and the expenses on the right. Add up income amounts against expense amounts and find the difference to determine surplus or deficit.

Once you have added and reduced items and figures several times and you are finally satisfied with the results, type your figures on a computer spreadsheet or word processor table and save it. You may also print it and file it for regular reference.

To make it work successfully for you, you must vow to stick to the budget. Any deviation must be absolutely necessary and funds should be made available separately to meet the extra expenditure. Where no funds are available, some cutbacks or borrowing from other expense votes. You should ensure that you refund any funds borrowed from any expense votes to enable the votes to be expended.

To be frank, most people would want to spend more and more irrespective of their financial ability. However, arbitrary unbudgeted spending may be hazardous to your financial health.

About The Author

Abdallah Khamis Abdallah is a freelance copywriter and ghostwriter. To learn more about how you and your business can benefit from viral and credibility marketing solutions visit his website at: http://www.qualitywritingsolutions.com, http://www.qualitywritingsolutions.com

maide service in Park Ridge ..

In The News:

Scammers create fake Evite invitations that mimic legitimate event emails, requiring users to verify senders and use antivirus software for protection.

The new Apple Watch hypertension feature passively monitors blood pressure patterns over 30 days using sensors to detect chronic high blood pressure signs.

Chrome extension spyware disguised as a free VPN service highlights security risks after it captured private browsing data from trusted sites.

New research shows how fatty acids in cooking oil can safely dissolve and recover silver from circuit boards without harmful chemicals or environmental damage.

The Fox News AI newsletter gives you information on the latest AI technology advancements, and about the challenges and opportunities AI presents now and for the future.

Anthropic investigates alarming AI abuse case where hacker automated entire cybercrime campaign using Claude, stealing sensitive data from defense and healthcare firms.

TikTok, Meta and YouTube restrict Charlie Kirk shooting videos with age gates and warnings while X faces criticism for allowing continued circulation.

Cybercriminals use fake troubleshooting websites to trick Mac users into running terminal commands that install Shamos malware through ClickFix tactics.

San Francisco startup Fable launches Showrunner, an AI platform dubbed the 'Netflix of AI' that generates animated episodes from text descriptions with Amazon support.

Apple raised iPhone prices for some models despite receiving tariff relief from President Donald Trump, with the new lineup starting at $799 for the base model.

A two-story 3D concrete printed home in Western Australia demonstrates faster construction methods that could reshape American housing amid rising costs.

Credit scores remain important during retirement for insurance rates and housing applications, while seniors become prime targets for identity theft and financial scams.

Scammers now send unexpected packages with QR codes that redirect victims to fraudulent websites or download malicious software to steal sensitive information.

Meeting AI tools record private conversations alongside work discussions, creating privacy risks that can be managed with proper settings and awareness.

Hotel privacy concerns are valid but rare, with methods to detect hidden tech using smartphone flashlights, mirror tests and scanning apps.

Improve your Wi-Fi speed and reliability with 10 simple router optimization tips that don't require special apps or expensive subscriptions.

A Columbia University breach exposed names, Social Security numbers and academic records of nearly 869,000 people, with notifications beginning in August.

Rental car drivers use AI-powered apps like Proofr to protect themselves from unfair damage fees as major companies deploy automated inspection tools.

Fox News' AI newsletter brings you the latest on technology advancements around artificial intelligence.

OnTrac data breach between April 13-15, 2025, exposed personal information of over 40,000 people including Social Security numbers and medical records.

A woman named Wika announces her engagement to an AI chatbot sparking worldwide debate about virtual relationships and technology.

The notorious people search site National Public Data relaunches despite a previous breach affecting 3 billion individuals, raising fresh privacy concerns.

Revolutionary TRAUMAGEL gel controls life-threatening bleeding from gunshot wounds and traumatic injuries, helping first responders prevent prehospital deaths.

Protect your home network by enabling proper encryption, creating strong passwords, checking connected devices and using VPN and antivirus software.

The Navy's solar-powered Skydweller drone flew nonstop for 73 hours in Mississippi, proving renewable energy can power long-endurance military missions.

How to Draw a Personal Budget that Works

Personal Finance