Budgeting is a good way of controlling your expenditure.
It allows you to keep track of your finances so that you don’t get carried
away. It helps in putting away monies that will come in handy in the future. As
a professional, you must prove that you can be trusted with money by planning
your personal finances.
In creating a realistic budget, knowledge of earning
power is crucial. Essential expenditure (food, rent/mortgage, school fees,
utilities, insurance, savings, etc); must be first be listed and subtracted
from total monthly earnings. This will be followed by wants if there is any sum
remaining. Figures must be allocated to each item and strictly adhered to. A
savings for emergency must be opened as well as setting apart funds for lifelong
learning.
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