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How to plan your household budget to meet long-term financial goals

A budget can help you standardise your fixed and variable expenses whereby you can easily generate some savings too.

January 02, 2018 / 11:33 AM IST

Do you routinely face a financial situation where you are left with no money at the end of the month with all your salary is spent with little savings? If so, you need to carefully look at how you budget for the month. You should ideally plan your expenditure in a manner that you have some saving that you can invest for your long-term financial security. Good household budgeting should have long-term goals in mind. Thus, your monthly budget should not only include your monthly EMIs but also your monthly SIP payments.

 Here’s are a few tips to plan your budget well enough to meet your financial goals.

Understanding your current situation

=>Pen down your earning: The first thing to do is to write down your income components like your monthly salary, annual/quarterly bonus, incentives or any other remunerations, etc. Also, you should calculate your taxes well in advance so that you can plan your tax-savings accordingly.