![]() You might not be able to solve the problem immediately, but you could start taking steps in the right direction, whether it’s learning how to improve your credit score so you can refinance your debt at a lower interest rate or researching options for a less expensive education. Benefit 4: Spot problems before they catch you off guard-When you create a budget, you’ll be able to see clearly that only having $30 left at the end of the month to put toward your credit card bill puts you at serious risk of being unable to get out of debt or lack the money you'll need to help put your kid through school.Whatever motivates you, budgeting can help you get there by helping you set financial goals and prioritize where your money is going. Monthly personal financial planning with income savings and expenses. The Center for Personal Financial Management at Charleston Southern University. Find predesigned Pie Chart Representing Monthly Expenses On Employee PowerPoint. § Discuss what each section of the pie chart means (50 percent needs, 30 percent wants, 20 percent savings goals). Benefit 3: Achieve your goals-You might have a goal of traveling to Tokyo, buying a car, or becoming a one-income household instead of a two-income household. Two students reviewing a pie chart of expenses in a conference room. § Draw a pie chart showing the three categories of the 50-30-20 rule of budgeting.It can also help you see where you might be able to make room for saving more or paying down debt faster so that unexpected costs become less likely to set you way back. Planning your budget at the beginning of every month can make you feel like you’re choosing where your money goes. Benefit 2: Gain a sense of control-It’s easy to feel like expenses are happening to you, especially if money is tight.That means you’re probably going to spend even more time working and less time enjoying friends, family, hobbies, and sleep. If you’re not spending and saving consciously and carefully, you’re not getting the maximum benefit from the time you spend working. Benefit 1: Maximize your returns from working-You probably spend 20 to 50 hours a week earning money.
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