Budgeting as a basis of your money decisions with Mrs. Yemi Oshifowora

Mrs Yemi, a daughter, a wife and a mother. She is also an accomplished professional with experience in accounting, financial reporting, Information technology and enterprise resources planning.

She is a Fellow Member of the Institute of Chartered Accountants of Nigeria (ICAN), An Associate Member of the Chartered Institute of Taxation of Nigeria (CITN), ACCA Diploma in International Financial Reporting Standard (Dip IFRS), and presently an MBA student at the University of South Wales in the UK.

She is that money mum friend that would teach you financial literacy and the founder of Finance for moms community.

Here is the class:

How many of us at one time or the other have wondered where our money had gone to? So many of us have spent money, still spending money, without proper planning for it…and when we are done, we keep wondering where the money has gone to.

So what is budgeting? Budgeting is the process of creating a plan to spend your money

A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment

Having a budget keeps your spending in check and makes sure your savings are on track for the future.
• It Helps You Keep Your Eye on the Prize. …
• It Helps Ensure You Don’t Spend Money You Don’t Have. …
• It Helps Lead to a Happier Retirement. …
• It Helps You Prepare for Emergencies. …
• It Helps Shed Light on Bad Spending Habits.

The Benefits of Budgeting:
• Provides You 100% Control Over Your Money.
• Let’s You Track Your Financial Goals.
• Budgeting Will Open Your Eyes.
• Will Help Organize Your Spending.
• Will Help Create a Cushion for Unexpected Expenses.
• Budgeting Makes Talking About Finances Much Easier

Q: I didn’t do well in economics in school, I find it hard to translate all these things into my life practically.

A: It’s not so much about economics or accounting, it’s just basic arithmetic. How much are earning or bringing in this month? What are the expenses you have to Incurred? Can the money you are making be enough for your expenses? Do you have expenses that you actuall don’t need but you keeping spending money on them?

How do you create a budget
Step 1: Note your net income. The first step in creating a budget is to identify the amount of money you have coming in. …
Step 2: Track your spending. …
Step 3: Set your goals. …
Step 4: Make a plan. …
Step 5: Adjust your habits if necessary. …
Step 6: Keep checking

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