Question

Discuss with the class your experiencing in budgeting for yourself or your household. If you’ve tried to budget in the past, tell the class what worked or didn’t work for you. If you’ve never attempted a budget, what does your research on your spending habits make you think you should budget in order to be more financially healthy? Can you see yourself utilizing what you’ve learned about budgeting? Did you find a template you think would be helpful??

Answer 1

Budget:- A plan which contains how to meet expenses in near by future with our limited funds or income. As a student our sources may be pocket money taken from our parents and some money earned from part time jobs.

It is a better practice to us if we learn to prepare budget from our student life which gives financial dicipline to us.

Before preparing a budget first we have keep a record of our daily expenses. Then on analysing those expenses we will get an idea about where we are wasting our money. Then we should prepare a budget allocating money for different purposes based on the past experiences and un wanted expenditure should be avoided. By strictly following the budget I saved my money and controlled waste expenses. It worked greately for me. At the same time it is very helpfull in becoming more financially healthy.

While started preparing budget I have observed that Iam using the subject which I was learned in budgeting. Its a very nice experience in preparing our own budget using the knowledge which we learned in our class rooms

If we have repeated expenses and revenues we can use templates for budgets and even only some changes are there. But revenues and expenses with drastic changes templates cannot be helpfull. So use of templates depends on our revenues and expenses.