Ways to budget when you're broke
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Budgets are necessary for running any business efficiently and effectively.
Once a budget is set up, it is not always that easy to stick to it. But that doesn't mean you have to give up because you've failed once or twice.
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.
A budget shows the trade-off made when one item is exchanged for another. The result is:
Drawing up a budget means you'll know where your money goes, and you'll have greater control over your finances.
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.
As a personal financial planning tool, a written, monthly budget allows you to plan for how you'll spend and/or save your money each month and also keep track of your spending patterns.
With a budget, you can begin to prioritize your spending and better manage your money and financial future.
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