First step towards a successful personal finance plan is creating an Ability Budget.
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Budgeting requires that you analyze and, likely, change your spending habits. Instead of your money controlling your habits, you control your money.
A successful budget clearly outlines:
- A Monthly spending plan
- Ways for reducing your monthly bills
- How to handle accrued debt
- How to distinguish between short-term, medium and long-term goals
- A breakdown of family needs
- Source of monthly revenue
It is not as difficult as it seems. This lock-down has taught everyone that The Cost of Living is NOT Expensive but the Cost of Lifestyle is what is Expensive.
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