How to Control Your Expenses and Save Money?
Does your money seem to disappear every month? Happy when the salary arrives, but empty pockets by month's end?
People who are struggling to control their expenses may have a reasonable income. So the problem is not the lack of money. The problem is with money management. When you get your salary or any other income, there are a million ways to spend it. There will be fixed expenses which you cannot avoid. Then there will be expenses like food and travel, which also cannot be avoided entirely, but the amount will vary each month. Then come variable expenses and optional expenses like watching a movie, eating out etc., which can be avoided if you want.
Whatever be the expenses, you have to find the money for it from the income you received. So your maximum monthly spending will be limited to the money you received that month. Sometimes your expenses will go beyond that income and that will force you to take debts. From next month you need to find money to pay back that debt. If you failed to pay back the debt on time, or your expenses made you take on more loans and debts, you will eventually fall into a debt trap.
To avoid such drastic situations, you should correct the basics. Which is your money management. To properly manage your expenses according to your income, you need an effective budgeting technique. In this video I am going to explain one such budgeting method which will help you to manage your money properly. The technique is called the Envelope Budgeting System! In this video, we'll explain how this method works and how it can help you secure your finances.
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4 июл 2024
