Outlook Money
If you are the one who cars a lot, donates to causes and showers gifts to families and friends, then keeping an eye on where the money goes is impossible. In this, case the budgeting tip is to set a dedicated set for giving funds in the Budget.
One feels the happiest when the bank balance is growing. To have strong financial safety, one needs to separate the short-term and long-term goals. One can also automize savings by regular deposits, or use apps like Zerodha's Coin for Systematic Investment.
Having a spreadsheet and tracking finances, budgets, and saving goals can be a love language. However, hyper-structuring can be stressful. Therefore, one should use a flexible budgeting method such as the 50/30/20 rule. Allocate 50 per cent of your income to needs, 30 per cent to wants, and save 20 per cent.
If one loves shopping, impromptu getaways, and indulgent dinners, then falling into debt traps can be very easy. Therefore, the budget tip here is creating a "guilt-free spending" budget. So, one can set a fixed amount that will be available for discretionary spending.
When the purpose is growth, one invests in stocks to mutual funds, even SIPs, to see money multiply. Here, one can diversify a portfolio to balance risk and returns. Saving expenses in an emergency fund before delving deeper into investments can also help.