How to manage family money by income tax consultation
5 Budgeting Tips
Check your financial transaction on a daily basis
Go for budget apps Use digital records
Set clear goals
Short-term (e.g. paying off the student loan, etc.) Long-term (e.g. saving for a down payment or wedding)
Look closely and thoroughly at your expenses
Your monthly income Your monthly bills, payments, and other expenses
Track your spending
Use categories Have a monthly report to know where your money is going
Follow the 50-30-20 Rule
50% – Necessities (housing, food, health care, and transportation) 30% – Discretionary (clothing, entertainment, and other enjoying activities) 20% – Financial goals (short-term or long-term savings or retirement)
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