Budget Planning




Budget is nothing but advance planning of your expenses and income. It provides parameters/limit of incurring expense in each head and insight towards direction of financial management. Following steps can lead you to effective budgeting:

1. Make a list of possible income streams if it is more than one

2. Enlist all necessary expenses, which includes rent, food, children educational expenses, fuel, utility & medical expenses

3. Jot down all necessary outstanding debt payments

4. Download Spread Sheet for demonstration

5. Make a list of capital item purchasing

Tips for Reducing Expense Side

1. Thoroughly study tariffs of all the mobile companies and use the most cheapest service available in the market to avoid expensive connections. Depending on your need, you can pick from Zong, Warid, Mobilink, Telenor & Ufone. Never dial international calls from your landline as calling cards provide phenomenal savings on your bills. Tariff comparison will be available shortly

2. Keep your car speed not more than 60 mphs as high speeding not only harmful to you but it also absorbs more petrol. According to study, keeping speed at prescribed level 60 mphs can help you save fuel up to three days converting into savings of Rs. 400-500/- per month

3. Plan your travel in advance as purchasing airline ticket two to three months can save up to 40% of your traveling costs. Same goes for hotel reservation

4. Keep an eye on the Sale Season of different clothing brands

5. Wash/Iron unbranded clothes at home

6. Never make late payments for credit cards

7. Use different offers from Giant Departmental stores for household items (Makro & Metro) are examples of such stores

8. Always look for lucrative deals at dine out places instead of impulsive eating

Advantages of Budgeting

1. Goal Achieving- Long Term Planning

2. Debt Reduction/Savings Boost