With the Government presenting Union Budget, it is important for each family to plan their family budgets.
Most of the time, we find families struggling to meet both the ends towards the end of the month as expenses are not planned properly.
To start with, let us introspect the following :
- When was the last time you had analyzed your bank statement for 6 months
- How many times have you avoided or postponed a purchase of a “good to have product or a service”
- Do you know that UPI transactions can also be analyzed in the form of a statement for 1 year or 6 months.
Mode of payments :
Earlier when payments were being made in cash, we were able to feel the impact of the money. Later through online banking we were still able to realize , though not to the extent of cash transactions.
UPI Payments:
However with UPI payments and door deliveries , families do not know how much money they are spending over a period of time as payments get transferred within a fraction of a second. They do not realize the impact of the payment.
Suggested Family Budget Categories :
Short term : These are for the day to day expenses , monthly expenses including rent, vehicle maintenance, maid , food, groceries etc.
Medium term : These are for the expenses known to you which are required in the year including Children current education, festival expenses, travel expenses, gifts, medical insurance, life insurance etc.
Long term : These include future education expenses including higher studies of children, marriage expenses of children, retirement planning.
Ideally if one spends 40 % of the income in short term and 30 % in medium term and 30 % in long term it will be good for the family.
Wishing you happy budgeting and peaceful living
Plan for family budget
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