A budget helps create a spending plan and save enough money to meet the desired financial goals. A strong budget helps you control your finances and allows you to take wiser decisions with money.
A budget lists expected income in terms of cash inflows and spends as cash outflows each month. It determines the spending habits and helps determine the savings for investing.
Track your spending and categorise all your expense and income entries.
Set clear priorities between needs and wants.
Start with how you want your finances to look in say, a year.
Avoid entering debt trap, match spending to budget when you receive your income.
Ensure that your savings and investments are automated using an app like Jama.