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What to Include in a Budget
You should list all your income, including:
- Your wage or salary
- Money you earn from extra jobs
- Rental Money (if you have a property that you rent out)
You should list your expenses, including:
- Rent or Board
- Household Maintenance (fixing up your home or saving for home repairs)
- Utilities (Electricity, Water, Rates and so on)
- Telephone Bills
- Vehicle Loan
- Vehicle Maintenance
- Petrol
- Transport Costs (if you have no car)
- Groceries
- Clothing
- Domestic Employees (maid, gardener, handyman)
- Medical Aid
- Insurance
- Shop Charge Cards
- Credit Cards
- Personal Loans
- Debit Orders/ Stop Orders
- School Fees
- Entertainment
You should also list any savings plan that you already have, or include a plan to save a certain amount every month. You can start very small, but try to put that money into your savings before you spend any other money.
If your expenses add up to more than your income, you have a problem and you need to find ways to cut down on your expenses.
Insurance plays a crucial role now especially health insurance. Make sure you Purchase Long-Term Care Insurance and pay the premiums monthly.
You just gave me a lot to think about. I want to find some options to save on a budget, it's time for the smart decisions. Nothing is safe these days but if you base your financial decision on smart moves you may stand a better chance.