Monthly Budget Planner should be the most important part of any family .We usually ignore to make a monthly budget of our family . We must plan the monthly expense according to the expected income for the month and must focus on at least saving 20 % of our Monthly income for future retirement planning and any emergency that might occur .
We must start with keeping aside the 15 % of the income as saving for future as said above and try to save extra 5 % by avoiding unnecessary expense .
Then make the list of the expense on basis of priority :
| S No | Expense Head by Priority 5 * Most Important 1 * Least Important |
| 1 | HOUSING ***** |
| 2 | FOOD **** |
| 3 | SAVINGS OR INVESTMENTS ***** |
| 4 | TRANSPORTATION *** |
| 5 | INSURANCE ***** |
| 6 | PERSONAL CARE ** |
| 7 | ENTERTAINMENT ** |
| 8 | TAXES **** |
| 9 | LOANS * |
| 10 | LEGAL *** |
| 11 | PETS ** |
Preparing for the Budget before the start of the month will help you to save more and reduce unnecessary expense .
I am giving below the sample Monthly Budget Planner which you can use to plan your Budget.
https://docs.google.com/spreadsheets/d/16sB3Sjk2rcJMLpf-m4kc62_b8cu6rDptJgp_GmgIe64/edit?usp=sharing
In the end at least save 20 % of your Monthly Income . ” A Rupee saved is a Rupee Earned “.
Many Professional Financial Advisors like : http://myfindoc.com can help you in Investment and Planning.
Best of Luck .
Also Read :
SIP in Gold : https://financeloaninsurance.com/sip-in-mcx-1-gram-gold-petal/