Introduction-to-Budgeting.budget and types of budget . role of budget in economy.pptx

budget and types of budget .
role of budget in economy.

1. उच्च शिक्षा (राष्ट्रीय सेवा योजना प्रकोष्ठ) उत्तर प्रदेश आयोजक: राष्ट्रीय सेवा योजना इकाई जनता कॉलेज बकेवर, इटावा (संबंद्धता: छत्रपति शाहूजी महाराज विश्वविद्यालय, कानपुर) dsUæh ; ctV ij ppkZ 2024-25

2. Discussion on Central Budget 2024-25

3. Introduction to Budgeting Budgeting is a powerful tool for managing your finances effectively and achieving your financial goals. It involves planning how you will spend your money to ensure that you live within your means. by Gopi Nath Maurya

4. Importance of Budgeting 1 Financial Control A budget helps you understand your spending habits and gain control over your finances. 2 Goal Achievement By allocating funds towards your financial goals, a budget ensures you stay on track. 3 Avoiding Debt Budgeting prevents overspending, reducing your risk of accumulating unnecessary debt. 4 Financial Security A well-planned budget can provide peace of mind and contribute to your long-term financial security.

5. Types of Budgets Zero-Based Budgeting Every dollar is allocated, leaving no room for unplanned spending. Envelope Budgeting Physical envelopes are used for each expense category, limiting spending. 50/30/20 Budget A simple guideline allocating 50% for needs, 30% for wants, and 20% for savings.

6. Budgeting Principles Track Your Spending Monitor your expenses accurately to understand where your money goes. Create a Realistic Budget Set realistic goals and avoid overestimating income or underestimating expenses. Prioritize Needs Focus on essential expenses first, allocating funds for wants as needed. Save Regularly Set aside a portion of your income consistently for future financial security.

7. Creating a Budget 1 Gather Financial Information Collect data on income, expenses , and financial goals . 2 Categorize Expenses Group your expenses into categories such as housing, food, transportation, etc. 3 Allocate Funds Assign a specific amount of money to each expense category . 4 Review and Adjust Regularly review your budget and make adjustments as needed.

8. Tracking Expenses Use a Budgeting App Many apps automatically categorize and track your spending. Maintain a Spending Journal Track your expenses manually by recording them in a notebook. Review Regularly Review your expense tracking regularly to identify areas for improvement. orientation=horizontal

9. Adjusting the Budget Identify Areas for Improvement Analyze your spending patterns and pinpoint areas where you can reduce costs. Re-evaluate Expenses Consider reducing or eliminating unnecessary expenses, such as subscriptions or entertainment. Increase Income Explore ways to boost your income, such as seeking a raise, taking on a side hustle, or finding better-paying job opportunities. Adjust Savings Goals Evaluate your savings goals and make necessary adjustments based on your current financial situation.

10. Conclusion and Key Takeaways Consistent Tracking Regularly track your income and expenses to stay informed. Clear Financial Goals Set specific financial goals to provide motivation and direction. Prioritize Savings Make saving a priority to secure your future financial well-being. Seek Expert Advice Consider consulting with a financial advisor for personalized guidance.