My monthly payment is about fifty thousand...how I make bughet ?
Ans: To create a budget with a monthly income of Rs. 50,000, follow these steps:
Assessing Income and Fixed Expenses
Understand your income and fixed expenses:
Calculate your monthly income: Rs. 50,000.
List fixed expenses: Rent/mortgage, utilities, loan EMIs.
Creating a Budget
Fixed Expenses:
Allocate for rent/mortgage, utilities (electricity, water, internet), and loan EMIs.
Ensure these expenses do not exceed 50% of income.
Essential Expenses:
Allocate for groceries, transportation (fuel or public transport), and healthcare.
Keep these expenses around 30% of income.
Discretionary Expenses:
Include entertainment, dining out, hobbies, and personal care.
Limit to 20% of income.
Budgeting Tools and Tips
Use a Budgeting App: Track expenses and manage finances efficiently.
Emergency Fund: Save for unexpected expenses, aim for 3-6 months of living expenses.
Review and Adjust: Regularly review budget to ensure goals are met.
Final Tips
Prioritize Savings: Allocate a portion for savings and investments.
Stay Disciplined: Stick to budget allocations to achieve financial goals.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in