Control Your Expenditures: Budget wisely and prioritize essential expenses.
GEORGE S. CLASON
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Today's readers, tomorrow's leaders. I explain handpicked books designed to transform you into leaders, C-level executives, and business moguls.
Discover timeless wisdom on wealth and success in "The Richest Man in Babylon." Learn key principles to build and manage your finances effectively.
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Similar ideas
Budgeting = creating a plan to spend your money
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 towar...
Understanding budgeting
A budget shows the trade-off made when one item is exchanged for another. The result is:
- A surplus budget, where profits are expected.
- A balanced budget, where revenues and expenses are expected to be equal.
- A deficit budget...
The 50/30/20 Rule
It breaks down your budget categories into three broad segments:
- 50%: Essential Expenses like housing, automobile expenses, groceries, insurance, utilities, etc.
- 30%: Discretionary Expenses (Non-essential) like Dining out, entertainment, drinks, etc.
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