Interesting facts – How South Africans Spend Their Income
According to Brand SA, household expenditure is 32.55%, followed by transport 16.29% and education is on 2.45%.
What is a budget?
A budget is an analysis of personal revenue and expenses over a specified future period. A budget is tool to help you plan your finances for a defined period.
Use the 50,30,20 Budgeting Method to divide your income
- 50% Needs
- 30% Savings
- 20% Wants
Why Do I Need a Budget Plan?
Consumer financial difficulties affect thousands of people every day. Overspending is the most frequent source of them, but they can also be brought on by personal or family illness, job loss, or other circumstances. You can accurately track where your money is going if you keep a spending log or a plan.
Why do we budget?
- We budget because we want to keep track of our money.
- Budgeting teaches us about your own spending habits.
- This discipline helps us to improve our personal financial management.
- We budget because we want to meet our financial goals
- Budgeting helps us to avoid debt and improve credit
Tips: We need to exercise self-control over the emotions and impulsive behaviors that lead to spending. It is important to closely monitor our daily spending. Consider the question, “Do I really need to buy this?
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