Be it family, government, entrepreneur, employer, corporate world, event manager, budgeting plays a vital role.
Budgeting is a financial plan listing all our income or revenues and all our expenses. It is the plan which is essential to run our life and business smoothly and efficiently. Budgeting involves earning, spending and saving.
Budgeting can be done on a simple paper or on an excel sheet, the purpose is the same to keep a firm grip on our expenses so that we do not exceed our expenses over our income and try to save for a better future.
In a personal family budget the head of the family has to work out his monthly budget in such a way that he allocates the right amounts to each requirement of every family member.
Personal budgeting involves the budgets for:
Housing rent or mortgage.