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The Importance of Budgeting In Financial Planning

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.

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What is a budget?

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.

5 Guidelines For Budgeting In Financial Planning

Identify Income & Expenses

Track your spending and categorise all your expense and income entries.

Prioritise Budget Items

Set clear priorities between needs and wants.

Set Realistic Goals

Start with how you want your finances to look in say, a year.

Implement The Budget

Avoid entering debt trap, match spending to budget when you receive your income.

Automate Your Budgets

Ensure that your savings and investments are automated using an app like Jama.

Conclusion

Budgeting takes the stress out of financial planning and puts you on a smooth path to your financial goals. Use the free budget tool in the Jamā financial planning app.

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