Preparing a Personal Budget

Preparing a Personal Budget requires weighing of values to determine things which are important and things which are less important.

The amount allocated to the personal allowance of each of the family depends upon many factors.

1. Total income of the family.

2. Spending Habit.

3. Needs of the family members.

Principles Should keep in my mind in preparing a personal budget.

1. Know your income

2. List down your expenses

3. Set priorities

4. Keep record expenditures

5. Make allowances for savings