Your Journey Starts with a Budget
What you will learn from this chapter:
- What is a budget and why do you need one?
- What are the considerations and principles of budgeting?
- What budgeting strategy fits you
- Get started with a budget
Why do you need to know how to budget
A budget is a plan you need to make. It contains your income and expenses. Simply, you allocate income towards expenses across a month or year. You subtract expenses from your income, so you can set aside money for savings and investing.
You need to know how to budget. It is a life skill needed to achieve your financial goals. You can begin by learning budget strategies and follow step-by-step guides using practical examples, so you stay on course.
Budgeting is very much like dieting. It is hard, and sacrifices must be made…if you are too hard on yourself, there is a bigger chance that you will find yourself…spending because you feel so deprived. Remember, there is always a way to ‘save without missing out’.
Monthly Cost of Living in Key Cities in the Philippines
One of the key considerations in budgeting for Filipinos is the cost of living. So, how much does it cost to live in major Philippine cities?
Try your hand at budgeting. Download the Moneybility budget template to get started.
To read the whole chapter, download the e-book here
This edition contains Chapters 1 to 6.
More chapters will be released in the coming months.