|Simple guidelines for managing your expenses ...|
- Prepare an annual expense budget. Estimate your expenditure
- under various heads per month.
- Be realistic while estimating your expenses. Budgeting will be futile if you either over-estimate or under-estimate.
- Keep track of daily expenses under broad headings.
- Compare monthly variances between actual expenditure and budgeted expenditure.
- Don't compensate in one expense head if you exceed your budget in another. Preferably, try to reduce your expense under the same head in succeeding months to make up.
Features of the Expense Record Book:At the beginning of the year, you have to enter your annual budgeted expenses per month under thirteen main expenditure categories viz: food and groceries, vehicle fuel and maintenance, electricity, clothes, education, rent, travel, conveyance, entertainment, telephone, medical, taxes, and miscellaneous. You feed in your daily expenditure for these categories. Every time you feed in your expenses, the Expense Record Book calculates for you the following:
nd/or underspent - for which month and under which category.
- categorywise total expenditure for the month till date,
- categorywise total expenditure for the year till date, and
- a variance report which shows you where you have overspent a
|LATEST FINANCIAL ARTICLES|
|USEFUL INDIAN WEBSITES|
| Merrill Lynch|
| Goldman Sach|
| Morgan Stanley|
|Complete Guide to Personal Financial Planning and Investment Management|