Question

Part I:

Do you have a budget?

Do you think having a budget would benefit you? Why? Why not?

What are the pros and cons of having a personal budget?

Are there apps to keep a budget?

Answer 1

First lets see what is budget then we will move ahead ;

A budget is an estimation of revenue and expenses over a specific future period of time and is re-evaluate on a periodic basis lets say in my case monthly.

PART 1)

yes i have a monthly budget i evaluate the expense from the past to for my current budget so that i have sufficient money to meet my demand or expenses

PART 2)

well having a budget will definitely give you benefit as follows;

1. Budget will help you to control the expenditure and how to save money. budgeting save stress of sudden requirements of funds .

2. When you focus on your money then you can stop overspending on unnecessary items it is even more effective when we have limited resources and budgeting make it easier to make ends meet

3. It makes you aware what is current position of your money when you record your expenditure you can evaluate either you are having shortfall or not if you finds out the expenditure is high you can reduce them.

4. Budgeting enables you to produce extra money by elemination of unnecessary spending like late fees , penalties these small savings can add up over time

PART 3)

Pros)

1. You will know exactly how much you have to spend each month and how much you can set aside

2. You can plan ahead with personal bills and and can save them instead of expense

3. You do not have to worry about whether or not you have sufficient funds for payment and expenses you have by setting up the budget, you will know certain amount of income each month for each category

CONS)

1. As a life is full of unexpected occurance you never know if something is going to go wrong where you need a lot more funds then budget

2. You might overspend in some areas and don't have sufficient funds for other payment you need to make

3. You have to set time aside to create these budget and stick to them if you want your personal budgets to helpful and to work.

PART 4)

There are certain apps to manage your personal budgets for example:

1. Mint

2. YNAB

3. Clarity money

4. Pocket guard. etc.