Look for words associated with budgeting in this word search puzzle. (Words in brackets are omitted in the puzzle.)
• budget • discipline • add • financial • hungry • utility • deficit • control • premium • success • spending • shortfall • cheap • insurance • subtract
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You may not like the idea of reining in your spending. If that is the case, you may cringe at hearing the term "monthly budgeting". However, keeping to a well-planned monthly budget may help your personal or household financial statement by preventing overspending on non-essential items.
Before you set out to draw up your monthly budget, take a moment to gather some information such as bank statements and utility bills and set some realistic priorities for yourself or your household. For example, do you need to wine and dine at expensive restaurants every week? Is it essential to buy branded items for your household or will no-frills house brands do just fine? Do you value the peace of mind which comes when you know that you are spending within your means?
Once you have established these facts and priorities, you can start by listing your sources of monthly income. Then, list your sources of monthly expenses. These expenses can be categorized if you prefer. Examples of categories are food, entertainment, auto, mortgage or rental payments.
Some expenses like monthly mortgage payment or insurance premium are fixed (or does not change as often) while others like entertainment can vary according to how you live your life.
Next mark the expenses as basic expenditure, common expenditure or luxuries. Basic expenditure are expenses that you cannot cut down without affecting your basic quality of life. This may differ from person to person and from household to household. Examples of basic expenditure for a household are groceries for meals and utility bills, without which people may go hungry or power may get cut off.
An example of an common expenditure may be the mobile phone subscription, without which making calls can be inconvenient, but at least you can still live without temporarily.
Finally, an example of a luxury are those enjoyable but expensive fine dining experiences.
After subtracting your monthly expenses from your monthly income, if you are not in monthly deficit, hurray! But if you find that the resultant figure can be improved, start by looking at your luxuries and see what you can cut down.
In case of temporarily financial setback, you may wish to trim some of the common expenditure temporarily and restore them once you are back in financial control.
Now with a well-planned monthly budget and the discipline to stick to it, you are in the driver's seat in control of your financial success.
Note: The above information is not meant to be substitute for professional financial advice. Please consult an authorized and qualified representative from your local bank or financial adviser instead.