Budgeting on a low income
Having a budget is a really great way of managing your finances and to get the most out of your income. It is important to review your budget regularly to keep an eye on your expenditure vs your income.
Most people will state they have never created a full breakdown of income and expenditure let alone in the last couple of years.
Many people think that they have no disposable income. As few individuals ever get around to completing a detailed budget plan, they will be unaware of how much disposable income they have once they have paid all their regular bills. Most individuals spend all their earnings however in most cases there will be an element of discretionary expenditure, this is the amount left over once all the regular bills have been paid.
As a result of never or seldom ever completing a details budgeting planner many people may feel that they have little or no control over their finances.