"Do not save what is left after spending,... - Deepstash
WARREN BUFFETT

"Do not save what is left after spending, rather spend what is left after saving."

WARREN BUFFETT

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[1/4] Personal Finance is a very crucial concept that is often ignored. This is an attempt to spread awareness related to personal finance.

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Personal Finance: Wealth Creation

Savings = Income - Expenditure, i.e. increase your income & decrease your expenditure to increase savings.

Follow budgeting principle:  

  • Needs: 50% of Total Income,
  • Wants: 30% of Total Income,
  • Savings: 20% of Total Income.

Smart ways to save more:

  1. Keep your emergency fund in a separate bank account to avoid using it accidentally,
  2. Stop/minimize using credit cards,
  3. Stop falling for impulsive purchases.

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Budgeting is simply balancing your expenses with your income.

It's a plan for the coordination of resources and expenditures. When you budget your money, there’s a desired outcome. And being able to track your spending should ultimately move you in the right direction towards meeting your financial goals.

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Definition of a budget

A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.

Budgets can be made for a person, a group, a business, a government, or anything else that makes and spends money.

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  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
  3. Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing. 

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