How do you set your budget? Is it on a monthly basis? weekly basis? or could be on a daily basis?
Another question would be, are you the only one earning for your family? If both you and your spouse (assuming married), do he budgeting, do you do it separately or you merge your paycheck and let either one of you (or both of you) do the budgeting?
However you set them, it is very important that you make sure that you can balance your budget so that your paycheck (if you're an employee) can survive until the next. The question is do you really know how to balance your budget? I'm sure some would say no because their excuse would be their paycheck is not enough.
Worst case scenario is that there's nothing left for you even before your next paycheck which leads to borrowing money (from either friends or family). That my friend is the scenario that we should be avoiding at all costs except for big purchases such as buying a house.
Come to think of it, it not just how often you should budget your paycheck. You have to determine on how you categorize your budget as well as how much you would put into it.
In the end, there is no One-Size-Fits-All Budgeting System.
How should you budget? Stay tuned on our next post.
In the end, there is no One-Size-Fits-All Budgeting System.
How should you budget? Stay tuned on our next post.
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