Personal Budget

A budget is a money plan. Therefore, a personal budget is a money plan for individuals like you and me.

Every budget must have at least one objective or goal. This is your focus when you map out your budget. Without an objective, your will have no direction.

The purpose of your budget is to achieve your goals. When you plan your budget, you are in fact planning to achieve your goals.

The period of a budget could be as short as 1 month or less and as long as 3 years or more. It all depends on the objective of the budget. The normal practice however, is to plan 1 year ahead.

When you plan your budget, it is advisable to involve the people around you who will be affected by your budget such as your spouse and children. This will ensure the people close to you know what is happening to avoid misunderstanding.

The articles in this section have been written to give you a solid understanding on the basic principles on budgeting. After you have read through these articles, you will be able to plan an effective budget for yourself.

Next: Start Budgeting - Benefits of Budgeting.

Previous: Personal Budgeting - Overview.

Related Articles:

• About Personal Budget.
  
  
• Benefits of Budgeting.
  
  
• Budgeting, Step-by-Step Guide.
  
  
• Identify Your Dreams And Goals.
  
  
• Setting Your Goals.
  
  
• How Much Do You Need To Save?
  
  
• Building Your Cash FLow Statement.
  
  
• Building Your Net Worth Statement.
  
  
• Analyzing Your Cash Flow.
  
  
• Analyzing Your Net Worth.
  
  
• Increasing Your Income.
  
  
• Prioritizing Your Expenses.
  
  
• Reducing Your Expenses.
  
  
• Revising Your Goals.
  
  
• Sticking To Your Budget.